New YorkS 87682025-2026 Regular SessionSenateWALLET

Relates to the discharge of a mortgage

Sponsored By: Jamaal Bailey (Republican)

Became Law

RULESBANKS

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Homeowners: lenders must accept payoff payments

The law requires mortgage lenders to accept payoff payments made under a payoff letter, even if the amount is short. Lenders must promptly apply the money to unpaid principal, interest, and other charges. They can return a payment only when a defect keeps them from reasonably identifying the mortgage. A payoff payment alone does not create a discharge or satisfaction unless it pays the full amount owed. These mortgage payment rules start on the same date as New York’s 2025 mortgage‑discharge law; all other parts of this act take effect now.

Sponsors & Cosponsors

Sponsor

Jamaal Bailey
Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 77 • No: 0

Senate vote • 1/20/2026

FLOOR Vote

Yes: 57 • No: 0

committee vote • 1/12/2026

Rules Committee Vote

Yes: 20 • No: 0

Actions Timeline

SIGNED CHAP.49
2/13/2026Senate
DELIVERED TO GOVERNOR
2/13/2026Senate
RETURNED TO SENATE
1/21/2026House
PASSED ASSEMBLY
1/21/2026House
ORDERED TO THIRD READING RULES CAL.40
1/21/2026House
SUBSTITUTED FOR A9447
1/21/2026House
REFERRED TO BANKS
1/20/2026House
DELIVERED TO ASSEMBLY
1/20/2026Senate
PASSED SENATE
1/20/2026Senate
ORDERED TO THIRD READING CAL.18
1/12/2026Senate
REFERRED TO RULES
1/8/2026Senate

Bill Text

Original
1/8/2026
PDF

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