Prohibits rent minimums in all mortgages regardless of when issued.
The bill amends the real property law by adding a new section prohibiting mortgagees from penalizing mortgagors for not setting a high enough rent. Penalties include fees, forced defaults, or other punishments. Any mortgage terms causing such penalties are void and unenforceable. The amendment applies to all mortgages, regardless of when issued, renewed, modified, altered, or amended.
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