New York S02663 prohibits mortgagees from refusing partial mortgage payments that do not bring the mortgagor current on their debt.

New York S02663 amends the real property law by adding a new section 254-e. This section prohibits mortgagees from refusing to accept partial payments from mortgagors, provided these payments do not bring the mortgagor current on their mortgage debt. The bill ensures that such refusals do not bar any other contractual or statutory rights or remedies available to the mortgagor. The act will take effect 30 days after it becomes law.

New York S02663 prohibits mortgagees from refusing partial mortgage payments that do not bring the mortgagor current on their debt.

New York S02663 amends the real property law by adding a new section 254-e. This section prohibits mortgagees from refusing to accept partial payments from mortgagors, provided these payments do not bring the mortgagor current on their mortgage debt. The bill ensures that such refusals do not bar any other contractual or statutory rights or remedies available to the mortgagor. The act will take effect 30 days after it becomes law.