state_legiscan_drain · NY
Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.
January 21, 2026
Summary
If enacted, this bill would prohibit banks, credit unions, and mortgage servicers in New York from charging any fee for accepting monthly, semi-monthly, or biweekly payments, or for changing the frequency of mortgage payments. This applies to all mortgage loans and aims to reduce borrower costs and increase payment flexibility.
AI-generated summary · Jun 8, 2026. Verify with your compliance counsel before acting.
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Source: https://www.nysenate.gov/legislation/bills/2025/A9588
Common questions
- What does "Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments." cover?
- If enacted, this bill would prohibit banks, credit unions, and mortgage servicers in New York from charging any fee for accepting monthly, semi-monthly,…
- When was it published?
- It was published on January 21, 2026.
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