Bill Text: NY A00174 | 2025-2026 | General Assembly | Introduced

New York Assembly Bill 174

Introduced

Bill Title: Prohibits rent minimums in all mortgages regardless of when issued.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2025-01-08 - referred to judiciary [A00174 Detail]

Download: New_York-2025-A00174-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                           174

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 8, 2025
                                       ___________

        Introduced  by  M. of A. R. CARROLL, ANDERSON, JACKSON, MITAYNES -- read
          once and referred to the Committee on Judiciary

        AN ACT to amend the real property law, in relation to  prohibiting  rent
          minimums in mortgages

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The real property law is amended by adding  a  new  section
     2  284 to read as follows:
     3    § 284. Rent minimums prohibited. No mortgagor on a loan secured prima-
     4  rily  by  an interest in real property shall be charged a fee, forced to
     5  default, or otherwise penalized by the mortgagee because  the  mortgagor
     6  did  not  set  a  high enough rent on all or part of such real property.
     7  All terms of a mortgage which would cause a mortgagor  to  be  penalized
     8  for  not  setting  a high enough rent shall be void and unenforceable as
     9  against public policy.
    10    § 2. This act shall take effect immediately and  shall  apply  to  all
    11  mortgages  regardless  of  when  issued,  renewed,  modified, altered or
    12  amended.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00490-01-5