Signed by Governor Andrew Cuomo

Vote Smart's Synopsis:

Vote to pass a bill that appropriates funds for housing relief during the COVID-19 Emergency.

Highlights:

• Requires telephone corporations to restore service at the request of any residential customer within 48 hours if such service has been terminated during the COVID-19 state of emergency and disconnection of such service was due to non-payment of an overdue charge (Part B, Sec. 1).

• Prohibits a telephone corporation from terminating or disconnecting the service of a residential customer account because of defaulted deferred payment agreements or arrears then owed to the corporation when such customer has experienced financial hardship due to the COVID-19 state of emergency for a period of 180 days after the emergency is lifted or expires (Part B, Sec. 1).

• Specifies that this act expires on March 31, 2021 (Part B, Sec. 1).

• Defines “qualified mortgagor” as an individual (Part C, Sec. 1):

• Whose primary residence is located in New York and is encumbered by a specified home loan, or whose primary residence is located in New York and is a co-operative unit whose shares are encumbered by any loan otherwise meeting the requirements of this specified home loan; and

• Who demonstrates financial hardship as a result of COVID-19 during the covered period.

• Requires New York regulated institutions to grant forbearance of all monthly payments due with respect to the mortgage secured by the qualified mortgagor’s primary residence in New York for a period of up to 180 days to any such qualified mortgagor, with the option to extend the forbearance of such monthly payments for up to an additional 180 days provided that this extension is subject to the mortgagor demonstrating continued financial hardship (Part C, Sec. 1).

• Specifies that such forbearance can be backdated to March 7, 2020, provided that the maximum length of the forbearance cannot be longer than 180 days (Part C, Sec. 1).

• Prohibits a regulated institution from charging additional interest or any late fees or penalties on these forbearance payments (Part C, Sec. 1).

• Authorizes the mortgagor to have the option to negotiate a loan modification or any other option that meets the changed circumstances of the qualified mortgager (Part C, Sec. 1).

• Specifies that the obligation to grant the forbearance relief required by this section will be subject to the regulated institution having sufficient capital and liquidity to meet its obligations and to operate in a safe and sound manner (Part C, Sec. 1).

• Authorizes the electronic appearance of any party and any witness during a felony hearing if their personal appearance would create an unreasonable health risk to the public, court staff, or anyone else involved in the proceeding (Part D, Sec. 1).

Full Bill Text