Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 10, 2012 |
referred to finance |
Senate Bill S6459
2011-2012 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D) Senate District
(D, WF) Senate District
2011-S6459 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- State Finance Law
- Laws Affected:
- Add §97-llll, St Fin L
2011-S6459 (ACTIVE) - Summary
Establishes the New York state mortgage settlement fund to consist of monies obtained by the state as a result of settlement with mortgage servicers to be used to compensate eligible homeowners who have been injured by foreclosure abuses; provides that homeowners eligible to receive compensation as a result of such settlement may elect certain bases for calculating such compensation; provides that eligible homeowners may request treble damages.
2011-S6459 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6459 TITLE OF BILL: An act to amend the state finance law, in relation to establishing the New York state mortgage settlement fund PURPOSE: To authorize the New York State Comptroller to establish a special fund to be known as the New York state mortgage settlement fund. JUSTIFICATION: In the fall of 2008 New York State and the entire country was reeling from an onslaught of residential foreclosures which from the beginning of 2007 to early 2012 saw roughly four million families lose their homes to foreclosure. The devastating toll this epidemic took on the country left families shaken and America's financial system on the brink of collapse. The foreclosure situation was further exacerbated by evidenced emerging that the foreclosure process was possibly corrupted by careless recordkeeping, cut corners and potential fraud, typified by high-profile cases of "robo-signing" - cases in which foreclosures took place based on forged or unreviewed documents. These series of events led to state attorneys general from across the country bringing mortgage lenders to the negotiating table to address
2011-S6459 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6459 I N S E N A T E February 10, 2012 ___________ Introduced by Sen. SMITH -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the state finance law, in relation to establishing the New York state mortgage settlement fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The state finance law is amended by adding a new section 97-1111 to read as follows: S 97-1111. NEW YORK STATE MORTGAGE SETTLEMENT FUND. 1. THERE IS HEREBY ESTABLISHED IN THE CUSTODY OF THE STATE COMPTROLLER A SPECIAL FUND TO BE KNOWN AS THE NEW YORK STATE MORTGAGE SETTLEMENT FUND. 2. SUCH FUND SHALL CONSIST OF ALL MONIES OBTAINED BY THE STATE AS A RESULT OF ANY AND ALL SETTLEMENTS NEGOTIATED WITH, BY OR ON BEHALF OF NEW YORK STATE WITH THE MORTGAGE SERVICERS, ANY OTHER MONEYS RECEIVED IN LIEU OF SUCH AGREEMENT, AND ALL OTHER MONEYS APPROPRIATED, CREDITED OR TRANSFERRED THERETO PURSUANT TO LAW. 3. MONIES IN THE NEW YORK STATE MORTGAGE SETTLEMENT FUND SHALL BE KEPT SEPARATE AND SHALL NOT BE COMMINGLED WITH ANY OTHER MONIES IN THE CUSTO- DY OR CONTROL OF THE STATE COMPTROLLER. 4. FOR PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "MASTER SETTLEMENT AGREEMENT" SHALL MEAN THE SETTLEMENT AGREEMENT AND RELATED DOCUMENTS ENTERED INTO IN THE YEAR TWO THOUSAND TWELVE BY THE STATE AND PARTICIPATING MORTGAGE SERVICERS. (B) "MORTGAGE SERVICER" SHALL HAVE THE SAME MEANING AS PARAGRAPH (H) OF SUBDIVISION ONE OF SECTION FIVE HUNDRED NINETY OF THE BANKING LAW. (C) "PARTICIPATING MORTGAGE SERVICER" SHALL MEAN EACH MORTGAGE SERVI- CER THAT ENTERED INTO THE MASTER SETTLEMENT AGREEMENT WITH THE STATE, INCLUDING ALLY/GMAC, BANK OF AMERICA, CITI, JPMORGAN CHASE AND WELLS FARGO. (D) "ELIGIBLE HOMEOWNER" SHALL MEAN ANY RESIDENT OF THIS STATE WHO CURRENTLY OWNS AND RESIDES OR DID OWN AND RESIDE IN QUALIFYING RESIDEN- TIAL REAL PROPERTY, WHO THE COMMISSIONER DETERMINES, PURSUANT TO THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14624-01-2
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