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NY S00161

Bill

Official Source

Status

Introduced

1/4/2023

Primary Sponsor

Brad Hoylman-Sigal

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Prohibits prepayment penalties or fees on loans or forbearances secured by real property in cooperative ownership where over 50% of units are shareholder-occupied
  • Declares such prepayment penalties unenforceable on qualifying cooperative mortgages
  • Maintains existing prepayment rules for other mortgage types: no penalties after one year from loan origination; penalties allowed before one year only if expressly stated in loan contract
  • Takes effect immediately upon enactment

Legislative Description

Prohibits pre-payment penalties for mortgages secured by real property owned in a cooperative form of ownership where over fifty percent of the units are shareholder occupied.

Last Action

COMMITTED TO RULES

6/7/2024

Committee Referrals

Rules6/7/2024
Judiciary1/4/2023

Full Bill Text

No bill text available