New York State Assembly

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A04717 Summary:

BILL NO	A04717
SAME AS	No same as
SPONSOR	Lopez V
COSPNSR
MLTSPNSR
Add S6-n, Bank L
Requires banks to defer mortgage payments of customers who are delinquent.

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A04717 Actions:

BILL NO	A04717
02/07/2011	referred to banks
01/04/2012	referred to banks

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A04717 Floor Votes:

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A04717 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4717
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 7, 2011
                                       ___________
 
        Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit-
          tee on Banks
 
        AN  ACT to amend the banking law, in relation to requiring mortgagors to
          defer mortgage payments
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 

     1    Section  1.  The banking law is amended by adding a new section 6-n to
     2  read as follows:
     3    § 6-n. Deferment of mortgage payments. If  a  mortgagee  is  at  least
     4  sixty  days  delinquent in his or her mortgage loan payments but no more
     5  than one hundred eighty days delinquent,  the  mortgagor  shall,  before
     6  commencing  a  foreclosure action, offer the mortgagee an opportunity to
     7  have the delinquent payments deferred. If a mortgagee accepts the offer,
     8  an amount equal to the cumulative value of the payments that  have  been
     9  missed  shall be added to the principal of the loan. A mortgagor is only
    10  required to offer this option to a mortgagee once during the life of the
    11  mortgage loan.
    12    § 2. This act shall take effect on the one hundred eightieth day after

    13  it shall have become a law.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08890-01-1

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