Assembly Bill A5023

2021-2022 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2021-A5023 (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
2019-2020: A4185
2023-2024: A2682

2021-A5023 (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.

2021-A5023 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5023
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2021
                                ___________
 
 Introduced  by  M. of A. MONTESANO, McDONOUGH, SAYEGH -- 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.
                                                            LBD08503-01-1



              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.