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.
March 19, 2026
Summary
If enacted, this bill would prohibit banks, credit unions, mortgage brokers, and servicers from charging any fee for accepting monthly, semi-monthly, or biweekly mortgage payments, or for changing the payment frequency. The law aims to eliminate barriers for borrowers to make more frequent payments and reduce interest accrual without additional costs.
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/S9514
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, mortgage brokers, and servicers from charging any fee for accepting monthly, semi-monthly, or…
- When was it published?
- It was published on March 19, 2026.
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