Shown verbatim: the complete text as captured from the official source posted by the New York State Senate, fetched 2026-08-11. Nothing is edited or removed. Where this bill amends existing law, language marked for deletion in the official source appears here in brackets. The official bill page.
S T A T E O F N E W Y O R K
________________________________________________________________________
174
2025-2026 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 8, 2025
___________
Introduced by M. of A. R. CARROLL, ANDERSON, JACKSON, MITAYNES -- read
once and referred to the Committee on Judiciary
AN ACT to amend the real property law, in relation to prohibiting rent
minimums in mortgages
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The real property law is amended by adding a new section
284 to read as follows:
§ 284. RENT MINIMUMS PROHIBITED. NO MORTGAGOR ON A LOAN SECURED PRIMA-
RILY BY AN INTEREST IN REAL PROPERTY SHALL BE CHARGED A FEE, FORCED TO
DEFAULT, OR OTHERWISE PENALIZED BY THE MORTGAGEE BECAUSE THE MORTGAGOR
DID NOT SET A HIGH ENOUGH RENT ON ALL OR PART OF SUCH REAL PROPERTY.
ALL TERMS OF A MORTGAGE WHICH WOULD CAUSE A MORTGAGOR TO BE PENALIZED
FOR NOT SETTING A HIGH ENOUGH RENT SHALL BE VOID AND UNENFORCEABLE AS
AGAINST PUBLIC POLICY.
§ 2. This act shall take effect immediately and shall apply to all
mortgages regardless of when issued, renewed, modified, altered or
amended.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00490-01-5Every fact on this page links to its source, starting with the official bill record.