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