Bill Text: NY A03681 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 3681 (Prior Session Legislation)

Introduced

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 7-0)

Status: (Introduced - Dead) 2013-01-28 - referred to judiciary [A03681 Detail]

Download: New_York-2013-A03681-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3681
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 28, 2013
                                      ___________
       Introduced  by  M.  of  A. MAISEL, STEVENSON, ROBINSON, BARRON -- Multi-
         Sponsored by -- M. of A.  JACOBS, MAGEE -- read once and  referred  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  283 to read as follows:
    3    S 283. 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 283 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.
                                                                  LBD07767-01-3