Bill > A01716

This bill prohibits savings and loan associations and authorized lenders from blocking or revoking a borrower's access to credit line mortgages and residential real estate financing when the borrower is current on their loan repayments. Specifically, the bill amends the banking law and real property law to prevent lenders from arbitrarily cutting off access to credit lines or mortgage financing, even if they have previously extended such credit. A credit line mortgage is a type of loan that allows homeowners to borrow against the equity in their home, similar to a home equity line of credit (HELOC). The bill aims to provide more stability and protection for borrowers by ensuring that as long as they are making timely payments, their access to credit will not be unexpectedly terminated. This change applies to both savings and loan associations and other authorized lenders, creating a uniform standard of consumer protection in the state of New York. The legislation takes effect immediately upon passage.

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https://www.nysenate.gov/legislation/bills/2025/A1716