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A10261Assembly2019-2020 Session

Pause Loan and Bill Payments

Official title

“Relates to suspending certain payments for ninety days in response to the outbreak of coronavirus disease 2019 (COVID-19)”

Sponsor Felix OrtizAD-51Affects Public Safety & Consumer Affairs
Status
In Assembly Committee
Consumer Affairs And Protection
Impact
9/10
Transformational
Passage
0%

Bill progress

Step 2 of 7

In committee · Consumer Affairs And Protection

What's happening

This bill suspends student loan, mortgage, auto loan, credit card, and utility payments for 90 days due to COVID-19.

Why it matters

  1. Immediate financial relief. By suspending a broad range of payments—including student loans, mortgages, auto loans, credit cards, and utilities—this bill provides urgent financial breathing room for New Yorkers affected by the economic fallout of COVID-19.

  2. Protection from penalties. The suspension includes a prohibition on charging late fees for missed payments during the 90-day period, preventing additional financial burdens from accumulating while people are unable to pay.

  3. Maintaining credit health. Creditors are barred from reporting negative credit information related to these suspended payments, helping residents avoid long-term damage to their credit scores and future borrowing ability due to pandemic-related hardships.

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Who cares

  • New York residents with student loans, mortgages or auto loans

    The bill would suspend their payments for 90 days after taking effect and bar collection of late fees on those payments.

  • Credit card holders and utility customers in New York

    The bill would give them the same 90-day payment suspension and protection from late fees.

  • Lenders, credit card issuers and utility providers

    The bill would suspend payments owed by state residents and prohibit creditors from reporting new adverse information about payments or nonpayments covered by the suspension.

Headline styles

Pause Loan and Bill Payments

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Felix Ortiz

Assembly Member · Assembly District 51

No co-sponsors yet.

History

  1. Referred to consumer affairs and protection

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

10261

IN ASSEMBLY

April 8, 2020

Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Consumer Affairs and Protection

AN ACT to suspend certain payments for ninety days in response to the outbreak of coronavirus disease 2019 (COVID-19)

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

Section 1. (a) Notwithstanding any other provision of law, rule or regulation to the contrary, all residents of the state shall have all student loan, mortgage, auto loan, credit card, and utility payments suspended for ninety days following the effective date of this act. Late fees shall not be collectable for any such suspended payment.

(b) No creditor shall report any new adverse information relative to any payment or non-payment of consumer debt or other financial obligations suspended pursuant to the provisions of this act.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD16091-01-0

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.