NY A10554

Amends New York Banking Law to allow qualified mortgagors to cancel or renegotiate forbearance agreements executed during a state disaster emergency, including the COVID-19 pandemic.

Applies to forbearance agreements that either exclude the option to place missed payments at the end of the loan, or require missed payments to be repaid in full within less than 12 months.

Defines "qualified mortgagor" as a New York resident whose primary dwelling is encumbered by a home loan or cooperative unit shares, with the loan from or serviced by a regulated institution.

Does not apply to mortgage loans made, insured, or securitized by federal agencies, government-sponsored enterprises, federal home loan banks, or servicers for the Government National Mortgage Association.

Takes effect immediately upon enactment.