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Assembly Bill A7106

2009-2010 Legislative Session

Requires a lender to ascertain the value of real property prior to commencing foreclosure proceedings

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Archive: Last Bill Status - In Assembly Committee

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2009-A7106 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add ยง1305, RPAP L

2009-A7106 (ACTIVE) - Summary

Amends the real property actions and proceedings law, in relation to requiring a lender to ascertain the value of real property prior to commencing foreclosure proceedings.

2009-A7106 (ACTIVE) - Bill Text download pdf 

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

                                  7106

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2009
                               ___________

Introduced  by  M. of A. HOYT -- read once and referred to the Committee
  on Judiciary

AN ACT to amend the  real  property  actions  and  proceedings  law,  in
  relation to requiring a lender to ascertain the value of real property
  prior to commencing foreclosure proceedings

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

  Section 1. The real property actions and proceedings law is amended by
adding a new section 1305 to read as follows:
  S 1305. ASCERTAINING PROPERTY VALUE PRIOR  TO  INITIATING  FORECLOSURE
PROCEEDINGS; SPECIAL PLEADING. 1. PRIOR TO INITIATING AN ACTION TO FORE-
CLOSE A MORTGAGE, THE FORECLOSING PARTY IN A MORTGAGE FORECLOSURE ACTION
SHALL  OBTAIN  AN  ASSESSMENT  OF THE ACTUAL VALUE OF THE PROPERTY TO BE
FORECLOSED ON. SUCH ASSESSMENT SHALL BE BASED  ON  RECOGNIZED  VALUATION
METHODS, INCLUDING AN APPRAISAL OR A BROKER'S PRICE OPINION.
  2.  A  COMPLAINT FILED IN ACTION TO FORECLOSE A MORTGAGE SHALL CONTAIN
AN ASSERTION OF THE VALUE AS DETERMINED BY THE  ASSESSMENT  REQUIRED  BY
SUBDIVISION ONE OF THIS SECTION AND A DESCRIPTION OF THE TYPE OF ASSESS-
MENT PERFORMED.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00017-01-9

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