Bill > S00618

This bill prohibits savings and loan associations and authorized lenders from blocking or revoking a borrower's access to credit line mortgages or residential real estate financing when the borrower is current on their repayment obligations. Specifically, the bill amends the banking law and real property law to add protections for borrowers with lines of credit secured by residential real estate. Under the new provisions, if a borrower is consistently making payments as agreed, lenders cannot cut off their access to the credit line or mortgage, even if they previously had the ability to do so. This provides additional financial stability and predictability for homeowners who rely on these lines of credit, ensuring that they can continue to access their established credit lines as long as they remain in good standing with timely payments. The bill takes effect immediately upon passage, offering immediate protection to borrowers across New York State.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S618