AN ACT REQUIRING MORTGAGEES TO ACCEPT MORTGAGE PAYMENTS TENDERED ON A MONTHLY, SEMIMONTHLY OR BIWEEKLY BASIS.

SB 217 requires mortgage lenders (mortgagees) to accept monthly, semimonthly (twice monthly), or biweekly (every two weeks) payments for new mortgage loans originated on or after October 1, 2026. This applies directly to lenders and borrowers, changing how payment schedules can be structured for new loans. The bill mandates that lenders must accept these payment frequencies as standard options, without imposing additional fees or restrictions. It does not affect existing mortgages or require lenders to alter payment terms for current borrowers.