New York S01163 prohibits rent minimums in all mortgages, preventing penalties for insufficient rent.
New York S01163 amends the real property law by adding a new section that prohibits mortgagors from being penalized by mortgagees for not setting a high enough rent. This applies to all mortgages, regardless of when they were issued, renewed, modified, altered, or amended. The act takes effect immediately and is enforceable against public policy.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.