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Senate bill · S9514 (2025-26)

Prohibits certain financial institutions from charging a fee based on the frequency of payments or for changing the frequency of mortgage payments

PassedLatest action May 29, 2026

New York State Senate

Same as A9588, the matching bill in the Assembly.

Passed as A9588, the matching Assembly bill.

Sponsor

Brian Kavanagh

State Senator, District 27 · Democratic

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Summary

Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.

Summary from NY Open Legislation. How we handle summaries

Amends the Banking Law.

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 23, 2026. About our data

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Purpose, from the sponsor's memo

This bill would prohibit financial institutions from charging fees to borrowers who change the frequency of their mortgage payments, and would require lenders to provide borrowers with clear information about payment options and potential interest savings.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Where it stands

Passed the legislature and is awaiting a signature.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate.

Cosponsors

Alicia Hyndman, Andrew Hevesi and 6 more on Agora

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

Read on NY Senate (opens in a new tab)
  • Democratic8

Shown in neutral colors by design; Agora is non-partisan.

The sponsor's argument

Why Brian Kavanagh says this is needed

Homeowners may seek to change the frequency of their mortgage payments to better align with their pay schedules or to reduce the total interest paid over the life of the loan. Despite the potential benefits to borrowers, some financial institutions impose fees or additional requirements that effectively penalize consumers for choosing these options. These fees can increase housing costs for families already facing affordability challenges. Requiring additional payments or charging administrative fees for payment frequency changes creates unnecessary financial barriers and undermines consumer financial stability. This bill would ensure that homeowners can choose the payment schedule that works best for their financial circumstances without incurring punitive or arbitrary charges. By also requiring lenders to provide clear amorti- zation and interest savings information, this would empower consumers to make informed decisions about their mortgages and promote transparency in mortgage servicing practices.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Recorded votes

  • Vote: Floor vote

    NY SenateMay 29, 2026Result: passedSenate vote on A9588, the matching Assembly bill.

    (38) (20) (0) (5)

  • Vote: Committee vote · Banks

    Senate BanksMay 12, 2026Result: passed

    (5) (2) (0) (0)

Full history

  1. May 29, 2026

    3RD Reading CAL.1032

    3RD READING CAL.1032

    NY Senate

  2. May 29, 2026

    Passed a chamber

    PASSED SENATE

    NY Senate

  3. May 29, 2026

    Substituted

    SUBSTITUTED FOR S9514A

    NY Senate

  4. May 28, 2026

    Sent to the executive

    DELIVERED TO SENATE

    NY Assembly

  5. May 28, 2026

    Passed a chamber

    PASSED ASSEMBLY

    NY Assembly

Show full history (12 earlier events)
  1. May 28, 2026

    Referred to committee

    REFERRED TO BANKS

    NY Senate

  2. May 14, 2026

    Advanced to Third Reading

    ADVANCED TO THIRD READING

    NY Senate

  3. May 13, 2026

    2ND Report CAL.

    2ND REPORT CAL.

    NY Senate

  4. May 12, 2026

    1ST Report CAL.1032

    1ST REPORT CAL.1032

    NY Senate

  5. Apr 23, 2026

    Advanced to Third Reading CAL.373

    ADVANCED TO THIRD READING CAL.373

    NY Assembly

  6. Apr 21, 2026

    Reported out of committee

    REPORTED

    NY Assembly

  7. Apr 6, 2026

    Amend and Recommit to Codes

    AMEND AND RECOMMIT TO CODES

    NY Assembly

  8. Mar 30, 2026

    Amend (t) and Recommit to Banks

    AMEND (T) AND RECOMMIT TO BANKS

    NY Senate

  9. Mar 24, 2026

    Reported out of committee

    REPORTED REFERRED TO CODES

    NY Assembly

  10. Mar 19, 2026

    Referred to committee

    REFERRED TO BANKS

    NY Senate

  11. Mar 18, 2026

    Amend (t) and Recommit to Banks

    AMEND (T) AND RECOMMIT TO BANKS

    NY Assembly

  12. Jan 21, 2026

    Referred to committee

    REFERRED TO BANKS

    NY Assembly