S 9514 New York Senate · 2025 Regular Session

Prohibits certain financial institutions from charging a fee based on the frequency of payments or for changing the frequency of mortgage payments

Summary

Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.

Issues: ✓ Housing

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2026

Committee Review

Floor Vote

Governor

Introduced Mar 19, 2026 Last action May 29, 2026

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What changed between versions

S9514 → S9514A · 4 edits

MODERATE

The bill was amended to clarify that financial institutions cannot charge fees based on the frequency of mortgage payments or for changing payment schedules. The changes expand the scope by explicitly prohibiting fees for changing schedules and adding new requirements for standardized notices to borrowers.

Scope change

The bill's scope was broadened to explicitly cover fees related to changing payment schedules and to include a requirement for standardized written notices informing borrowers of their rights.

DEFINITION

Added a new section defining key terms like 'mortgage payment servicer' and specific payment frequencies (monthly, semi-monthly, biweekly).

REQUIREMENT

Explicitly prohibited fees for changing between payment schedules and added a requirement for servicers to provide standardized notices about borrower rights.

Clarified that while fees are prohibited, servicers may require reasonable adjustments to align payment dates or escrow obligations when a schedule changes.

ENFORCEMENT

Added a new provision stating that violations of the section constitute a violation of the chapter and are subject to penalties.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 30, 2026

Upper · Passed

PRINT NUMBER 9514A

upper

Mar 30, 2026

Upper · Passed

AMEND (T) AND RECOMMIT TO BANKS

upper

Mar 19, 2026

Committee

REFERRED TO BANKS

upper

1 primary · 1 co-sponsor