Bill > S09234

This bill amends the real property law to prohibit rent minimums in mortgages. Specifically, the bill prohibits a mortgagee (the party that holds the mortgage) from charging a fee, forcing a default, or penalizing a mortgagor (the borrower) for not setting a high enough rent on the real property secured by the mortgage. Any terms in a mortgage that would penalize a mortgagor for not setting a high enough rent are void and unenforceable as against public policy. The bill applies to all mortgages, regardless of when they were issued, renewed, modified, altered, or amended.