This bill allows for a mortgage forbearance period of 180 days for borrowers whose primary residence is located in a State-declared disaster area. To qualify, the borrower must submit a request to their residential mortgage lender during the time the area is proclaimed a disaster by the Governor. The lender is required to approve this request within 15 business days. During the forbearance period, no penalties, fees, or interest will accrue on the mortgage.

After the forbearance period, borrowers are obligated to repay the missed mortgage payments. The repayment can be structured in one of three ways: through an extension of the mortgage loan, a modification of the loan, or a payment deferral that is due at the end of the loan term. The bill also mandates that the Commissioner of Banking and Insurance establish necessary rules and regulations for its implementation.