Bill Text: NY S04506 | 2009-2010 | General Assembly | Introduced

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Bill Title: Permits a one-time deferral of two consecutive monthly mortgage payments for the balance of the term of the mortgage on a residential mortgage; provides that the mortgage term be automatically extended by the period of such deferral and that the amount of monthly payments remain the same and not be recalculated.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-05-10 - ADVANCED TO THIRD READING [S04506 Detail]

Download: New_York-2009-S04506-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4506
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    April 24, 2009
                                      ___________
       Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Judiciary
       AN ACT to amend the real property law, in relation to residential  mort-
         gage payment deferral right
         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  282 to read as follows:
    3    S  282.  RESIDENTIAL  MORTGAGE PAYMENT DEFERRAL RIGHT.   1. AS USED IN
    4  THIS SECTION, THE TERM "RESIDENTIAL MORTGAGE" MEANS A MORTGAGE  ON  REAL
    5  PROPERTY  CONTAINING,  OR  COOPERATIVE  SHARES  ASSIGNED TO, ONE OR MORE
    6  DWELLING UNITS USED FOR RESIDENTIAL PURPOSES.
    7    2. UPON GIVING AT LEAST THIRTY DAYS WRITTEN NOTICE TO  THE  MORTGAGEE,
    8  EVERY  MORTGAGOR WHO IS A PARTY TO A RESIDENTIAL MORTGAGE SHALL BE ENTI-
    9  TLED TO A ONE-TIME DEFERRAL OF UP TO TWO  CONSECUTIVE  MONTHLY  PAYMENTS
   10  DUE  ON  THE MORTGAGE UNTIL THE END OF THE TERM OF THE MORTGAGE. IF THIS
   11  ENTITLEMENT IS CLAIMED BY GIVING THE REQUISITE NOTICE, THE TERM OF  SUCH
   12  RESIDENTIAL  MORTGAGE  SHALL  BE AUTOMATICALLY EXTENDED BY THE PERIOD OF
   13  SUCH PAYMENT DEFERRAL AND THE AMOUNT OF THE MONTHLY PAYMENTS DUE ON  THE
   14  MORTGAGE SHALL REMAIN THE SAME AND NOT BE RECALCULATED.
   15    3.  THE  PROVISIONS  OF THIS SECTION SHALL BE DEEMED INCORPORATED INTO
   16  THE PROVISIONS OF EVERY RESIDENTIAL MORTGAGE EXECUTED ON  OR  AFTER  THE
   17  EFFECTIVE DATE OF THIS SECTION.
   18    4.  THE  PROVISIONS OF THIS SECTION SHALL BE DEEMED AN ACT OF LEGISLA-
   19  TIVE GRACE AND A MATTER OF EFFECTUATING THE PUBLIC POLICY OF THIS STATE.
   20    S 2. This act shall  take  effect  on  the  first  of  September  next
   21  succeeding  the date on which it shall have become a law and shall apply
   22  to residential mortgages as defined in section 282 of the real  property
   23  law,  as  added  by  section  one  of this act, executed on or after the
   24  effective date of this act.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07214-01-9