Assembly Bill A4185

2019-2020 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

Sponsored By

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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2019-A4185 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Real Property Tax Law
Laws Affected:
Amd §953, RPT L
Versions Introduced in Other Legislative Sessions:
2015-2016: A4196
2017-2018: A2220
2021-2022: A5023
2023-2024: A2682

2019-A4185 (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.

2019-A4185 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4185
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2019
                                ___________
 
 Introduced  by M. of A. MONTESANO, CROUCH, McDONOUGH, LAWRENCE -- Multi-
   Sponsored by -- M. of A. DiPIETRO, THIELE -- 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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08269-01-9

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