Bill Text: NY A00977 | 2021-2022 | General Assembly | Introduced

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Bill Title: Provides that the the department of financial services shall use the information made available to them for the study of which financial institutions provide loans to landlords acquiring or refinancing property that includes rent-regulated and/or small business tenants.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2021-02-10 - substituted by s887 [A00977 Detail]

Download: New_York-2021-A00977-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           977

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     January 6, 2021
                                       ___________

        Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
          tee on Banks

        AN ACT to amend a chapter of the laws of 2020, directing the  department
          of  financial  services  to  study,  evaluate and make recommendations
          concerning lending practices by financial  institutions  to  landlords
          acquiring  property  that includes small business tenants and/or rent-
          regulated tenants, as proposed in legislative bills  numbers  S.1476-B
          and A.3275-B, in relation to information for study

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

     1    Section 1. The opening paragraph of subdivision 2 of section  1  of  a
     2  chapter  of  the  laws  of  2020,  directing the department of financial
     3  services to study, evaluate and make recommendations concerning  lending
     4  practices by financial institutions to landlords acquiring property that
     5  includes  small  business  tenants  and/or  rent-regulated  tenants,  as
     6  proposed in legislative bills numbers S.1476-B and A.3275-B, is  amended
     7  to read as follows:
     8    The department of financial services is hereby authorized and directed
     9  to  prepare or have prepared a study to review to the extent such infor-
    10  mation is available to the department, the process  in  which  financial
    11  institutions provide loans to landlords acquiring or refinancing proper-
    12  ty  that  includes  rent-regulated  and/or  small business tenants. Such
    13  study shall examine and report by type  of  lender,  range  of  building
    14  sizes,  and  any  other  criteria,  trends in predatory equity and shall
    15  include, but not be limited to:
    16    § 2. This act shall take effect on the  same  date  and  in  the  same
    17  manner  as  a  chapter  of the laws of 2020, directing the department of
    18  financial services to study, evaluate and make recommendations  concern-
    19  ing  lending  practices by financial institutions to landlords acquiring
    20  property that includes  small  business  tenants  and/or  rent-regulated
    21  tenants, as proposed in legislative bills numbers S.1476-B and A.3275-B,
    22  takes effect.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07174-01-1