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NY A11135

Bill

Official Source

Status

Introduced

11/6/2020

Primary Sponsor

Robert Carroll

Click for details

Origin

Assembly

2019-2020 General Assembly

AI Summary

  • Amends Real Property Law by adding Section 283 to prohibit mortgagees from charging fees, forcing default, or penalizing mortgagors for not setting sufficiently high rents on mortgaged real property

  • Voids and renders unenforceable as against public policy any mortgage terms that would penalize a mortgagor for not meeting minimum rent requirements

  • Applies retroactively to all mortgages regardless of when they were issued, renewed, modified, altered, or amended

  • Takes effect immediately upon enactment

Legislative Description

Prohibits rent minimums in all mortgages regardless of when issued.

Last Action

referred to judiciary

11/6/2020

Committee Referrals

Judiciary11/6/2020

Full Bill Text

No bill text available