Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to housing, construction and community development |
May 07, 2015 |
referred to housing, construction and community development |
Senate Bill S5203
2015-2016 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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
2015-S5203 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Real Property Actions and Proceedings Law
- Laws Affected:
- Amd §1351, RPAP L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S1770
2011-2012: S3149
2013-2014: S348
2015-S5203 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5203 TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to the payment by bank check or certified check of the purchase price at a mortgage foreclosure sale PURPOSE: To require the payment of the purchase price at a mortgage foreclosure sale by bank or credit union check or certified check. SUMMARY OF PROVISIONS: This bill (the "Bill") amends subdivision 1 of section 1351 of the Real Actions and Proceedings Law (the "RPAPL") to require the purchaser of real property a foreclosure sale to make payment by either bank check or certified check. EXISTING LAW: Currently, the RPAPL does not require the purchaser of real property a foreclosure sale to make payment by either bank or credit union check or certified check JUSTIFICATION:
2015-S5203 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5203 2015-2016 Regular Sessions I N S E N A T E May 7, 2015 ___________ Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property actions and proceedings law, in relation to the payment by bank check or certified check of the purchase price at a mortgage foreclosure sale THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 1351 of the real property actions and proceedings law, as added by chapter 312 of the laws of 1962, is amended to read as follows: 1. The judgment shall direct that the mortgaged premises, or so much thereof as may be sufficient to discharge the mortgage debt, the expenses of the sale and the costs of the action, and which may be sold separately without material injury to the parties interested, be sold by or under the direction of the sheriff of the county, or a referee. THE JUDGMENT SHALL DIRECT THAT PAYMENT BY THE PURCHASER BE MADE BY MEANS OF A BANK OR CREDIT UNION OFFICER'S CHECK OR CERTIFIED CHECK. S 2. This act shall take effect on the thirtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00225-01-5
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