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NY A00088

Bill

Official Source

Status

Introduced

1/8/2025

Primary Sponsor

Jeffrey Dinowitz

Click for details

Origin

Assembly

2025-2026 General Assembly

AI Summary

  • Prohibits lenders from charging or collecting prepayment penalties or fees on loans secured by cooperative real property where more than 50% of units are shareholder-occupied

  • Makes any such prepayment penalty unenforceable under New York law

  • Amends Section 5-501 of the General Obligations Law to add this new protection for cooperative housing owners

  • Takes effect immediately upon passage

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

referred to judiciary

1/7/2026

Committee Referrals

Judiciary1/8/2025

Full Bill Text

No bill text available