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Who cares
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Sponsors
No co-sponsors yet.
History
- Signed chap.529
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.549
- Substituted for A11380
- Referred to judiciary
- Delivered to assembly
- Passed senateVote 61–0
- Ordered to third reading cal.1348
- Committee discharged and committed to rules
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to credit line mortgages
Assembly Floor Calendar · Sponsor Darryl Towns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7830
Title of bill
An act to amend the real property law, in relation to credit line mortgages
Purpose
This bill would amend section 281 of the Real Property Law to extend the time frame for the operation of a credit line mortgage from twenty-five to thirty years.
Prior legislative history
This is a new bill.
Statement in support
Credit line mortgages have become very popular vehicles for New Yorkers to access the equity in their homes. Current law provides that advances taken on credit line mortgages within 25 years of the date of recording of the mortgage have a priority as of the date of such recording. Unless the time period is extended to permit advances from a credit line mortgage, banks may be required to cease making the advances because the security of the lien for that advance will not relate back to the date of recording of the credit line mortgage if the mortgage was recorded more than 25 years earlier. Such an event would restrict the ability of borrowers from accessing funds from credit line mortgages.
Any borrower with a credit line mortgage which is in existence for more than 25 years would be able to continue it. This bill would save a borrower from incurring fees and costs which would be required to obtain a new credit line mortgage. It also enables a borrower to continue the terms of their existing credit line agreement.
Budget implications
None.
Effective date
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.