New York S 8109: Relates to suspending mortgages and loans from state-chartered banks and credit unions for small businesses and restaurants that have closed or reduced services due to the coronavirus

Bill Text

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S08109 Summary:

BILL NOS08109A

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SAME ASSAME AS A07940

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SPONSORRYAN S

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COSPNSR

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MLTSPNSR

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Amd 5205, 5206 & 5253, CPLR; amd 282, D & C L

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Relates to the calculation of the homestead exemption amount; relates to the indexing of the homestead exemption for housing value changes; increases the amount of the motor vehicle exemption; limits the homestead exemption available to bankruptcy debtors to one exemption per household; increases the motor vehicle exemption available in bankruptcy proceedings.

Go to top S08109 Actions:

BILL NOS08109A

&nbsp

05/15/2025REFERRED TO JUDICIARY

05/21/2025AMEND AND RECOMMIT TO JUDICIARY

05/21/2025PRINT NUMBER 8109A

Go to topS08109 Committee&nbspVotes:

Go to topS08109 Floor&nbspVotes:

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

Go to topS08109 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8109--A

 2025-2026 Regular Sessions

 IN SENATE

 May 15, 2025
 ___________

 Introduced by Sen. S. RYAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Judiciary -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee

 AN ACT to amend the civil practice law and rules and the debtor and
 creditor law, in relation to the motor vehicle exemption and the home-
 stead exemption for certain money judgments and bankruptcy proceedings

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

 1 Section 1. Paragraph 8 of subdivision (a) of section 5205 of the civil
 2 practice law and rules, as amended by chapter 1 of the laws of 2011, is
 3 amended to read as follows:
 4 8. one motor vehicle not exceeding [four] ten thousand dollars in
 5 value above liens and encumbrances of the debtor; if such vehicle has
 6 been equipped for use by a disabled debtor, then [ten] twenty-five thou-
 7 sand dollars in value above liens and encumbrances of the debtor;
 8 provided, however, that this exemption for one motor vehicle shall not
 9 apply if the debt enforced is for child support, spousal support, main-
 10 tenance, alimony or equitable distribution, or if the state of New York
 11 or any of its agencies or any municipal corporation is the judgment
 12 creditor; and
 13 § 2. Subdivisions (a), (d) and (e) of section 5206 of the civil prac-
 14 tice law and rules, as amended by chapter 568 of the laws of 2010, are
 15 amended and a new subdivision (g) is added to read as follows:
 16 (a) Exemption of homestead. Property of one of the following types,
 17 not exceeding [one hundred fifty thousand dollars for the counties of
 18 Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland,
 19 Westchester and Putnam; one hundred twenty-five thousand dollars for the
 20 counties of Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; and
 21 seventy-five thousand dollars for the remaining counties of the state]
 22 the homestead exemption amount in value above liens and encumbrances,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09079-03-5

 S. 8109--A 2

 1 owned and occupied as a principal residence, is exempt from application
 2 to the satisfaction of a money judgment, unless the judgment was recov-
 3 ered wholly for the purchase price thereof:
 4 1. a lot of land with a dwelling thereon,
 5 2. shares of stock in a cooperative apartment corporation,
 6 3. units of a condominium apartment, or
 7 4. a mobile home.
 8 But no exempt homestead shall be exempt from taxation or from sale for
 9 non-payment of taxes or assessments.
 10 (d) Exemption of homestead exceeding [one hundred fifty thousand
 11 dollars in value for the counties of Kings, Queens, New York, Bronx,
 12 Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; one hundred
 13 twenty-five thousand dollars for the counties of Dutchess, Albany,
 14 Columbia, Orange, Saratoga and Ulster; and seventy-five thousand dollars
 15 for the remaining counties of the state] the homestead exemption amount.
 16 The exemption of a homestead is not void because the value of the prop-
 17 erty exceeds [one hundred fifty thousand dollars for the co