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NY A06358
Bill
Status
4/5/2023
Primary Sponsor
David Weprin
Click for details
AI Summary
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Amends banking law to allow savings and loan associations to invest in line of credit financing for residential real estate up to the lesser of 10% of surplus/undivided profits/reserves or 1% of assets.
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Prohibits savings and loan associations from revoking or blocking a borrower's access to credit line financing for residential real estate if the borrower is current on repayment obligations.
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Extends the same prohibition to authorized lenders under real property law, preventing them from revoking or blocking borrower access to credit line mortgages when repayment is current.
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Takes effect immediately upon enactment.
Legislative Description
Prohibits lenders from blocking access to funds from a credit line mortgage.
Last Action
ordered to third reading cal.183
1/3/2024