News and Events
Keep up to date with the latest news,
trends and events in the private commercial
real estate lending industry.
NY LENDER’S ALERT: New Bill in New York State Legislature would require licensing for private, hard money commercial mortgage lenders
Private Lender Law and the National Private Lenders Association are preparing arguments to dissuade passage
S1061 (old bill S6688 of 2020) was reintroduced in the New York State Senate on January 6th. The identical A1420 (old bill A10878 of 2020) was reintroduced in the New York State Assembly on January 11th.
January 14, 2021
New York COVID-19 Emergency Eviction and Foreclosure Prevention Act
UPDATE: Signed into NY law by Governor Cuomo
The COVID-19 Emergency Eviction and Foreclosure Prevention Act (S.9114 / A.11181) (the “Act”) is expected to pass the New York legislature in Special Session on Monday, December 28th. It will then go before the governor for approval. The stated intent of the Act is to avoid evictions and foreclosure proceedings for persons experiencing financial hardship during the COVID-19 pandemic and to protect persons who cannot move due to an increased risk of severe illness or death.
December 29, 2020
UPDATE – NY LENDER’S ALERT – COMMERCIAL FINANCING DISCLOSURE BILL
AFTER A FLURRY OF ACTIVITY OVER THE LAST FEW DAYS AND BASED ON PRIVATE LENDER LAW’S OPPOSITION PAPER (SEE ATTACHED) SUBMITTED TO GOVERNOR CUOMO’S OFFICE ON BEHALF OF THE NPLA
December 24, 2020
NY LENDER’S ALERT – COMMERCIAL FINANCING DISCLOSURE BILL SENT TO GOVERNOR CUOMO’S DESK
THIS BILL WILL AFFECT PRIVATE LENDERS DOING BUSINESS IN NEW YORK WHICH MAKE BRIDGE LOANS AND TERM LOANS SECURED BY 1-TO-4 AND MULTI-FAMILY HOUSING.
On December 11, 2020, the New York legislature delivered a bill for Governor Cuomo’s signature that requires specific disclosures to be provided to certain commercial financing transactions.
December 15, 2020