Permits mortgage forbearance of 180 days for borrowers whose primary residence is in State-declared disaster area.

Summary

The bill requires lenders to grant a 180‑day pause on mortgage payments for borrowers whose homes are in a governor‑declared disaster zone, with a possible 180‑day extension. Requests must be submitted in a form set by the Commissioner of Banking and Insurance and approved within 15 business days. No penalties, fees, or interest accrue during the forbearance, and repayment must be structured as a loan extension, modification, or end‑of‑term deferral.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share