Senate BillIntroduced
S 1163: Prohibits rent minimums in all mortgages regardless of when issued.
What S 1163 does, verified July 2, 2025
The proposed legislation aims to protect tenants from being penalized for not setting high enough rents on their properties. It prohibits mortgage lenders from charging fees or forcing mortgagors to default on loans due to insufficient rents. Any mortgage terms that would lead to such penalties are declared void and unenforceable against public policy. The law applies to all existing mortgages, regardless of when they were issued or modified.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: SUBSTITUTED BY A174 (2025-06-13)Alert me
Author and sponsors
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| Jun. 13, 2025 | SUBSTITUTED BY A174 |
| Jun. 12, 2025 | ORDERED TO THIRD READING CAL.1960 |
| Jun. 12, 2025 | COMMITTEE DISCHARGED AND COMMITTED TO RULES |
| Jan. 08, 2025 | REFERRED TO JUDICIARY |
Latest bill textIntroduced version, January 8, 2025 · 228 words
STATE OF NEW YORK ________________________________________________________________________ 1163 2025-2026 Regular Sessions IN SENATE January 8, 2025 ___________ Introduced by Sen. KRUEGER -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to prohibiting rent minimums in mortgages The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The real property law is amended by adding a new section 2 284 to read as follows: 3 § 284. Rent minimums prohibited. No mortgagor on a loan secured prima- 4 rily by an interest in real property shall be charged a fee, forced to 5 default, or otherwise penalized by the mortgagee because the mortgagor 6 did not set a high enough rent on all or part of such real property. 7 All terms of a mortgage which would cause a mortgagor to be penalized 8 for not setting a high enough rent shall be void and unenforceable as 9 against public policy. 10 § 2. This act shall take effect immediately and shall apply to all 11 mortgages regardless of when issued, renewed, modified, altered or 12 amended. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00490-01-5
Text of S 1163 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions