New York S 618: Concurrent resolution to amend the constitution to increase the length of the term of office and imposing term limits for members of the legislature

Bill Text

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S00618 Summary:

BILL NOS00618 

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SAME ASSAME AS A01716

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Amd §380-g, Bank L; amd §281, RP L

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Prohibits lenders from blocking access to funds from a credit line mortgage.

Go to top S00618 Actions:

BILL NOS00618 

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01/08/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS00618 Committee&nbspVotes:

Go to topS00618 Floor&nbspVotes:

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

Go to topS00618 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 618

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks

 AN ACT to amend the banking law and the real property law, in relation
 to credit line mortgages

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

 1 Section 1. Section 380-g of the banking law, as added by chapter 625
 2 of the laws of 1976, is amended to read as follows:
 3 § 380-g. Power to engage in line of credit financing of residential
 4 real estate. 1. A savings and loan association is authorized to invest
 5 an amount, not exceeding the lesser of (a) ten per centum of the sum of
 6 its surplus, undivided profits, and reserves or (b) one per centum of
 7 its assets, in loans or in interests therein the principal purpose of
 8 which is to provide financing with respect to what is or is expected to
 9 become primarily residential real estate within this state, where (i)
 10 the association relies substantially for repayment on the borrower's
 11 general credit standing, with or without other security, or (ii) the
 12 association relies on other assurances for repayment, including but not
 13 limited to a guaranty or similar obligation of a third party, and, in
 14 either case described in clause (i) or (ii), regardless of whether or
 15 not the association takes security.
 16 2. A savings and loan association shall not revoke, or otherwise
 17 block, a borrower's access to credit financing of residential real
 18 estate authorized pursuant to subdivision one of this section if such
 19 borrower is current on repayment related to such credit financing of
 20 residential real estate.
 21 § 2. Section 281 of the real property law is amended by adding a new
 22 subdivision 2-a to read as follows:
 23 2-a. An authorized lender shall not revoke, or otherwise block, a
 24 borrower's access to credit line mortgages authorized pursuant to this
 25 section if such borrower is current on repayment related to such credit
 26 line mortgage.
 27 § 3. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02478-01-5

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