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Assembly Bill A8684B

2009-2010 Legislative Session

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment

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Archive: Last Bill Status - On Floor Calendar

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Bill Amendments

co-Sponsors

2009-A8684 - Details

See Senate Version of this Bill:
S7515
Law Section:
Real Property Law
Laws Affected:
Add §291-i, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A626, S667
2013-2014: A1082, S44
2015-2016: A163, S1278
2017-2018: A1387, S475
2019-2020: A5613, S4806
2021-2022: S212
2023-2024: S526
2025-2026: S4703

2009-A8684 - Summary

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment document.

2009-A8684 - Sponsor Memo

2009-A8684 - Bill Text download pdf

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

                                  8684

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 3, 2009
                               ___________

Introduced by M. of A. WEINSTEIN, LANCMAN, GUNTHER, KOON, LIFTON -- read
  once and referred to the Committee on Judiciary

AN  ACT  to amend the civil practice law and rules and the real property
  law, in relation to the recording of a transfer  or  assignment  of  a
  mortgage interest

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

  Section 1. Legislative findings. The legislature hereby finds that the
changing business practices of the mortgage industry require  an  amend-
ment to the existing recording statutes. The instruments which represent
the  right  to  receive  mortgage payments from borrowers are now freely
traded in commerce. As a result, borrowers can no  longer  identify  the
party  which  owns their legal instruments because the real property law
does not require such assignments and transfers to be  recorded  in  the
public  record.  The  mortgage  servicing  company  which  receives loan
payments is frequently not the owner  of  the  legal  instruments.  This
anomaly  prevents  ready  communication  between  the  homeowner and the
person or entity that owns  such  legal  instruments.  Accordingly,  the
legislature  finds  that  the  recording  statutes  require amendment to
ensure that transfers and assignments  of  such  legal  instruments  are
recorded  within  a  reasonable time. Furthermore, the legislature finds
that in order for this change in the recording statutes to  be  meaning-
ful,  the  name, address and phone number of the new owner of such legal
instruments must be recorded with the transfer or  assignment  and  that
any  agent  of  such new owner who physically records such interest must
record the assignment or transfer in the name of the new owner.
  S 2. Subdivision (a) of section 8021 of the  civil  practice  law  and
rules is amended by adding a new paragraph 12 to read as follows:
  12.  FOR  RECORDING  A  TRANSFER  OR ASSIGNMENT OF A MORTGAGE INTEREST
PURSUANT TO SECTION TWO HUNDRED NINETY-ONE-I OF THE REAL  PROPERTY  LAW,
TEN  DOLLARS.  ALL  MONEYS COLLECTED PURSUANT TO THIS PARAGRAPH SHALL BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14163-01-9
              

co-Sponsors

2009-A8684A - Details

See Senate Version of this Bill:
S7515
Law Section:
Real Property Law
Laws Affected:
Add §291-i, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A626, S667
2013-2014: A1082, S44
2015-2016: A163, S1278
2017-2018: A1387, S475
2019-2020: A5613, S4806
2021-2022: S212
2023-2024: S526
2025-2026: S4703

2009-A8684A - Summary

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment document.

2009-A8684A - Sponsor Memo

2009-A8684A - Bill Text download pdf

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

                                 8684--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 3, 2009
                               ___________

Introduced by M. of A. WEINSTEIN, LANCMAN, GUNTHER, KOON, LIFTON -- read
  once   and  referred  to  the  Committee  on  Judiciary  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the real property law, in relation to the recording of a
  transfer or assignment of a mortgage interest

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

  Section  1.   The real property law is amended by adding a new section
291-i to read as follows:
  S  291-I.  RECORDING  OF  TRANSFERS  AND  ASSIGNMENTS  OF   MORTGAGES.
NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, EVERY TRANS-
FER  OR ASSIGNMENT OF THE OWNERSHIP OF A MORTGAGE NOTE SHALL BE RECORDED
WITH THE COUNTY CLERK OR CITY REGISTER WITHIN TWENTY BUSINESS DAYS AFTER
SUCH TRANSFER  OR  ASSIGNMENT.  THE  TRANSFER  OR  ASSIGNMENT  SHALL  BE
RECORDED  BY  ADDING  AN  OWNERSHIP  TRANSFER  DOCUMENT  TO THE EXISTING
RECORD. THIS DOCUMENT SHALL INCLUDE THE CURRENT NAME, ADDRESS AND  PHONE
NUMBER OF THE NEW OWNER AND THE DATE OF TRANSFER OR ASSIGNMENT. AN AGENT
MAY RECORD SUCH ASSIGNMENT OR TRANSFER BUT THE RECORDED OWNERSHIP TRANS-
FER DOCUMENT SHALL INCLUDE THE CURRENT NAME, ADDRESS AND PHONE NUMBER OF
THE OWNER OF THE NOTE.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law and shall apply to transfers and assignments of  mort-
gage  interests  accruing on or after such date; provided that any forms
necessary for the implementation of the provisions of this  act  on  its
effective  date  are  authorized  and  directed  to be promulgated on or
before such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14163-02-9


              

co-Sponsors

2009-A8684B (ACTIVE) - Details

See Senate Version of this Bill:
S7515
Law Section:
Real Property Law
Laws Affected:
Add §291-i, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A626, S667
2013-2014: A1082, S44
2015-2016: A163, S1278
2017-2018: A1387, S475
2019-2020: A5613, S4806
2021-2022: S212
2023-2024: S526
2025-2026: S4703

2009-A8684B (ACTIVE) - Summary

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment document.

2009-A8684B (ACTIVE) - Bill Text download pdf

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

                                 8684--B
                                                        Cal. No. 722

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 3, 2009
                               ___________

Introduced  by M. of A. WEINSTEIN, LANCMAN, GUNTHER, KOON, LIFTON, HOOP-
  ER, TITUS -- read once and referred to the Committee on  Judiciary  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- passed by Assembly and  delivered  to
  the Senate, recalled from the Senate, vote reconsidered, bill amended,
  ordered reprinted, retaining its place on the order of third reading

AN ACT to amend the real property law, in relation to the recording of a
  transfer or assignment of a mortgage interest

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

  Section 1.  The real property law is amended by adding a  new  section
291-i to read as follows:
  S 291-I. RECORDING OF TRANSFERS AND ASSIGNMENTS OF MORTGAGES; MORTGAGE
OWNERSHIP  ASSIGNMENT  DOCUMENT. 1. A RECORDING OFFICER SHALL NOT RECORD
OR ACCEPT FOR RECORDING ANY MORTGAGE OR ASSIGNMENT OF MORTGAGE MADE TO A
NON-NATURAL PERSON AFFECTING LAND IN THIS STATE UNLESS ACCOMPANIED BY  A
MORTGAGE  OWNERSHIP  ASSIGNMENT  DOCUMENT  IN  A FORM PRESCRIBED BY THIS
SECTION AND THE FEE PRESCRIBED PURSUANT TO SECTION EIGHT THOUSAND  TWEN-
TY-ONE  OF THE CIVIL PRACTICE LAW AND RULES. SUCH FORM SHALL BE RECORDED
NO LATER THAN NINETY DAYS AFTER THE DATE OF THE ACKNOWLEDGMENT OR  PROOF
OF SUCH INSTRUMENT.
  2.  THE FORM OF THE MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT SHALL BE AS
FOLLOWS:

                 MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT

NAME OF MORTGAGEE OR ASSIGNEE:

________________________________________________________________________

ADDRESS:

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

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