Directs the superintendent of financial services to conduct a study examining the feasibility of 40- and 50-year mortgages in the state of New York; requires such superintendent to submit a report of findings.
STATE OF NEW YORK
________________________________________________________________________
10728
IN ASSEMBLY
March 27, 2026
___________
Introduced by M. of A. CHANG -- read once and referred to the Committee
on Banks
AN ACT in relation to directing the superintendent of financial services
to conduct a study examining the feasibility of 40- and 50-year mort-
gages in the state of New York
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The superintendent of financial services is hereby author-
2 ized and directed to conduct a study examining the feasibility of 40-
3 and 50-year fixed rate mortgages throughout the state of New York. Such
4 study shall include an evaluation of:
5 (a) any potential benefits and risks that 40- and 50-year fixed rate
6 mortgages can pose to the marketplace;
7 (b) the number of New Yorkers that 40- and 50-year fixed rate mortgage
8 rates could help with the purchase of a home;
9 (c) any barriers to offering 40- and 50-year fixed rate mortgages; and
10 (d) any other information that the superintendent of financial
11 services deems relevant.
12 § 2. In addition, the superintendent of financial services shall have
13 the power to require any state officer, or the head of any department,
14 division, or bureau thereof, to furnish such data, information, or
15 statements as may be necessary to effectuate such study.
16 § 3. The superintendent of financial services shall submit a report of
17 their findings to the governor, the speaker of the assembly, the tempo-
18 rary president of the senate, the minority leaders of the assembly and
19 senate, the chairs and ranking members of the assembly ways and means
20 committee, the senate finance committee, the assembly and senate housing
21 committees, and the assembly and senate banks committees within one year
22 and six months of the effective date of this act.
23 § 4. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15253-01-6
