New York S 5335: Prohibits the inclusion of confidential clauses in contracts entered into for the purchase of services or commodities by the state

Bill Text

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S05335 Summary:

BILL NOS05335 

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SAME ASNo Same As

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Add Art 28 §§1250 - 1256, Priv Hous Fin L; add §89-l, St Fin L

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Enacts the "home mortgage bridge loan assistance act" to prevent avoidable home mortgage foreclosures by providing temporary bridge loan assistance; makes related provisions.

Go to top S05335 Actions:

BILL NOS05335 

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02/20/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS05335 Committee&nbspVotes:

Go to topS05335 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05335 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5335

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to amend the private housing finance law, in relation to enacting
 the "home mortgage bridge loan assistance act"; and to amend the state
 finance law, in relation to establishing the home mortgage bridge loan
 assistance fund

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

 1 Section 1. The private housing finance law is amended by adding a new
 2 article 28 to read as follows:
 3 ARTICLE 28
 4 HOME MORTGAGE BRIDGE LOAN
 5 ASSISTANCE
 6 Section 1250. Short title.
 7 1251. Legislative findings and purpose.
 8 1252. Definitions.
 9 1253. Home mortgage bridge loan assistance.
 10 1254. Notice, timing and stay of proceeding requirements.
 11 1255. Eligibility.
 12 1256. Temporary payments of assistance.
 13 § 1250. Short title. This article shall be known and may be cited as
 14 the "home mortgage bridge loan assistance act".
 15 § 1251. Legislative findings and purpose. 1. Findings. The legislature
 16 hereby finds and declares that:
 17 (a) this state and the United States have experienced the collapse of
 18 a sizeable primary and secondary real estate market bubble which few
 19 foresaw and many now suffer the wealth destructive effects of;
 20 (b) this state and the United States are in consequence now suffering
 21 an economic slowdown as consumers trim spending and concentrate upon

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10030-01-5

 S. 5335 2

 1 paying down debt, while financial institutions and other business firms
 2 trim investment expenditures pending a return of consumer spending;
 3 (c) the economic slowdown afflicting this state and the United States
 4 has driven large numbers of residents into temporary involuntary unem-
 5 ployment or underemployment, thereby lowering incomes, spending and
 6 investment yet further, while rendering debt payment correspondingly
 7 more difficult for many;
 8 (d) there is in consequence a danger that many otherwise credit worthy
 9 homeowners' capacity to remain current on mortgage payments will deteri-
 10 orate yet further, resulting in widespread default, multiple costly
 11 foreclosure proceedings, distress sales of homes, consequent further
 12 distress to financial institutions' balance sheets and solvency, growing
 13 rates of avoidable homelessness, and significant deterioration of aban-
 14 doned housing stock and neighborhoods;
 15 (e) foreclosed homes, abandoned housing stock and consequently deteri-
 16 orating buildings and neighborhoods not only detrimentally affect those
 17 who needlessly lose their homes and the neighborhoods in which they
 18 reside, but also drain wealth from otherwise healthy lending insti-
 19 tutions and non-distressed home mortgage borrowers, thereby harming the
 20 health of the broader economy yet further;
 21 (f) while the current economic crisis demands immediate action to
 22 avoid unnecessary foreclosures, help revitalize and stabilize our commu-
 23 nities and reinvigorate mortgage lending, business cycles are part of
 24 the economic fabric of the state and the nation and therefore, a tempo-
 25 rary bridge loan mortgage payment assistance program would benefit home
 26 mortgage borrow