Prohibits state chartered banking institutions from financing landlords engaging in bad faith acts.
The bill amends the banking law to prohibit state chartered banking institutions from providing financing to landlords who have engaged in certain bad faith acts within the past five years. These acts include violations of housing maintenance codes, harassment, retaliation, and other illegal activities. The prohibition does not apply if the financing is used to correct or prevent hazardous conditions. The superintendent of financial services will create regulations to implement these provisions.
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.