Vote Smart's Synopsis:

Vote to pass a bill that prohibits "rent minimums" in real estate secured loan documents in New York.

Highlights:

• Prohibits lenders from charging mortgagors a fee, forcing them to default, or otherwise penalizing them for setting the rent on real property for which the mortgage was provided under any specified rate (Sec. 1).

• Specifies that penalizations will be voided if there are rent minimums in real property agreements (Sec. 1).

• Specifies that this Act takes effect immediately upon passage and applies to all mortgages regardless of issue date (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that prohibits "rent minimums" in real estate secured loan documents in New York.

Highlights:

• Prohibits lenders from charging mortgagors a fee, forcing them to default, or otherwise penalizing them for setting the rent on real property for which the mortgage was provided under any specified rate (Sec. 1).

• Specifies that penalizations will be voided if there are rent minimums in real property agreements (Sec. 1).

• Specifies that this Act takes effect immediately upon passage and applies to all mortgages regardless of issue date (Sec. 2).

Full Bill Text