NY S01163

Prohibits mortgage lenders from charging fees, forcing defaults, or otherwise penalizing property owners for not setting rents at a minimum level on mortgaged real property

Declares all mortgage terms that would penalize borrowers for insufficient rent amounts void and unenforceable as against public policy

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

Takes effect immediately upon enactment