SECTION 1. Notwithstanding any law, rule, or regulation, mortgages of residential and commercial property, inclusive of non profit organizations, which provides rental income that in whole or in part supports that payment of mortgage obligations shall provide forbearance relative to such obligations for the duration of the outbreak of the 2019 novel coronavirus, also known as COVID-19, and the governor’s March 10, 2020 declaration of a state of emergency plus thirty days after the conclusion of the governor’s March 10, 2020 declaration of a state of emergency, if and to the extent the provisions of this act are met.
SECTION 2. In order to be eligible for the forbearance prescribed in section 1, a mortgagor shall demonstrate that rental income from the property secured by the subject mortgage has not been received as a result of the public health emergency caused by the COVID-19 virus. Said demonstration shall be in a written affidavit which shall attest, under the pains and penalties of perjury, to the amount of rent required by an existing lease or other rental agreement, and any amounts received and/or projected to be received during the period for which forbearance is being sought. A copy of such lease or agreement shall be attached to said affidavit.
SECTION 3. Any forbearance provided pursuant to this act shall not, give rise to a subsequent assessment of interest, penalties, or other similar assessments, and shall not be subject to state taxation.
SECTION 4. The commissioner of banks to the extent feasible and practicable in facilitating the timely implementation of this act, may develop and promulgate standardized forms for the written documentation required in section 2; provided, however, that the absence of such forms shall not render the provisions of this act inoperable.
SECTION 5. The provisions of this act shall expire, unless otherwise extended, modified, or terminated, 30 days following the expiration of the governor’s March 10, 2020 declaration of a state of emergency or any extension thereof.
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