What's happening
This bill exempts a debtor's interest in a rent-stabilized lease from being included in bankruptcy proceedings in New York.
Why it matters
Protects tenants in rent-stabilized apartments from losing their homes. during bankruptcy proceedings, ensuring their lease cannot be seized or transferred to pay off creditors.
Could increase housing stability for lower- and middle-income New Yorkers. , as rent-stabilized units often offer below-market rent and are crucial for affordability in high-cost cities.
May affect landlords and creditors by limiting assets available in bankruptcy. cases, potentially altering negotiations or recoveries in such legal proceedings.
Sets a legislative precedent for treating rent-stabilized leases as a protected personal asset. , similar to retirement accounts and public benefits, which could influence future tenant protection policies.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Protect Rent-Stabilized Leases
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- 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.
Protect Rent-Stabilized Leases
In Senate Committee · Rules · Sponsor Zellnor Myrie
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
44
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
Introduced by M. of A. PERRY -- read once and referred to the Committee on Judiciary
AN ACT to amend the debtor and creditor law, in relation to exempting a debtor's interest in his or her rent-stabilized lease from bankruptcy proceedings
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 2 of section 282 of the debtor and creditor law, as amended by chapter 206 of the laws of 1998, is amended to read as follows:
2. Bankruptcy exemption for right to receive benefits. The debtor's right to receive or the debtor's interest in: (a) a social security benefit, unemployment compensation or a local public assistance benefit; (b) a veterans' benefit; (c) a disability, illness, or unemployment benefit; (d) alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor; [and] (e) the debtor's interest in his or her rent-stabilized lease; and (f) all payments under a stock bonus, pension, profit sharing, or similar plan or contract on account of illness, disability, death, age, or length of service unless (i) such plan or contract, except those qualified under section 401, 408 or 408A of the United States Internal Revenue Code of 1986, as amended, was established by the debtor or under the auspices of an insider that employed the debtor at the time the debtor's rights under such plan or contract arose, (ii) such plan is on account of age or length of service, and (iii) such plan or contract does not qualify under section four hundred one (a), four hundred three (a), four hundred three (b), four hundred eight, four hundred eight A, four hundred nine or four hundred fifty-seven of the Internal Revenue Code of nineteen hundred eighty-six, as amended.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02573-01-9
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.