News & Events

Private Lender Law submitted our opposition to the bill on behalf of the National Private Lenders Association. We urge all private lenders to submit opposition against licensing requirements for private Real Estate Lenders.

NY Private Lender/Investor Alert

Attention NY Private Lender’s and Investors, Bill #S5376 has been introduced to the NY Senate that will adversely impact fix-n-flip transactions in New York City.

Private Lender Law and the National Private Lenders Association are preparing arguments to dissuade passage

S1061 (old bill S6688 of 2020) was reintroduced in the New York State Senate on January 6th. The identical A1420 (old bill A10878 of 2020) was reintroduced in the New York State Assembly on January 11th.

UPDATE: Signed into NY law by Governor Cuomo

The COVID-19 Emergency Eviction and Foreclosure Prevention Act (S.9114 / A.11181) (the “Act”) is expected to pass the New York legislature in Special Session on Monday, December 28th. It will then go before the governor for approval. The stated intent of the Act is to avoid evictions and foreclosure proceedings for persons experiencing financial hardship during the COVID-19 pandemic and to protect persons who cannot move due to an increased risk of severe illness or death.

UPDATE 12/24/20
AFTER A FLURRY OF ACTIVITY OVER THE LAST FEW DAYS AND BASED ON PRIVATE LENDER LAW’S OPPOSITION PAPER (SEE ATTACHED) SUBMITTED TO GOVERNOR CUOMO’S OFFICE ON BEHALF OF THE NPLA

THIS BILL WILL AFFECT PRIVATE LENDERS DOING BUSINESS IN NEW YORK WHICH MAKE BRIDGE LOANS AND TERM LOANS SECURED BY 1-TO-4 AND MULTI-FAMILY HOUSING.

On December 11, 2020, the New York legislature delivered a bill for Governor Cuomo’s signature that requires specific disclosures to be provided to certain commercial financing transactions.