Assembly Bill A4196

2015-2016 Legislative Session

Requires mortgage investing institutions or their contracted vendors to be financially responsible for any interest or penalties charged as a result of an erroneous mortgage registration

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2015-A4196 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Real Property Tax Law
Laws Affected:
Amd §953, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A2220
2019-2020: A4185
2021-2022: A5023
2023-2024: A2682

2015-A4196 (ACTIVE) - Summary

Requires mortgage investing institutions or their contracted vendors to be financially responsible for any interest or penalties charged as a result of an erroneous mortgage registration filed by such institution or vendor.

2015-A4196 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4196

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced  by  M.  of  A.  MONTESANO  --  read once and referred to the
  Committee on Banks

AN ACT to amend the real property tax  law,  in  relation  to  requiring
  mortgage  investing  institutions  or  their  contracted vendors to be
  financially responsible for any interest or  penalties  charged  as  a
  result of an erroneous mortgage registration filed by such institution
  or vendor

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 953 of the real property  tax  law  is  amended  by
adding a new subdivision 8-b to read as follows:
  8-B. ANY MORTGAGE INVESTING INSTITUTION OR ITS CONTRACTED VENDOR WHICH
DOES NOT COMPLY WITH THE PROVISIONS OF SUBDIVISION EIGHT OF THIS SECTION
WHEN  A  MORTGAGE INVESTING INSTITUTION OR ITS CONTRACTED VENDOR FILES A
REGISTRATION OF MORTGAGE WITH  THE  COLLECTING  OFFICER  FOR  AN  ESCROW
AMOUNT  RELATIVE  TO A TAXABLE PARCEL AND THAT REGISTRATION PROVES TO BE
ERRONEOUS, THE MORTGAGE INVESTING INSTITUTION OR ITS  CONTRACTED  VENDOR
SHALL  BE  FINANCIALLY  RESPONSIBLE  FOR INTEREST OR PENALTIES CHARGED A
PROPERTY OWNER BY A TAXING MUNICIPALITY, COUNTY, AND/OR  DELINQUENT  TAX
ENFORCEMENT  AGENCY  FOR  NON-PAYMENT  OR  LATE PAYMENT OF REAL PROPERTY
TAXES DUE TO THE ERRONEOUS REGISTRATION.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07933-01-5

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