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Assembly Bill A8040

2011-2012 Legislative Session

Prohibits mortgagee from refusing to accept partial mortgage payments

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Archive: Last Bill Status - In Assembly Committee

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2011-A8040 (ACTIVE) - Details

See Senate Version of this Bill:
S6541
Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Add ยง254-e, RP L
Versions Introduced in Other Legislative Sessions:
2013-2014: A2069, A9276, S317
2015-2016: A1226, S233
2017-2018: A5376, S4954
2019-2020: A6061, S5355
2021-2022: S3710
2023-2024: S1705
2025-2026: S2663

2011-A8040 (ACTIVE) - Summary

Prohibits mortgagee from refusing to accept partial mortgage payments.

2011-A8040 (ACTIVE) - Bill Text download pdf 

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

                                  8040

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 27, 2011
                               ___________

Introduced  by  M.  of  A.  STEVENSON  -- Multi-Sponsored by -- M. of A.
  COLTON, COOK, HOOPER, JAFFEE, V. LOPEZ,  M. MILLER,  MOYA,  P. RIVERA,
  ROBINSON, ROSENTHAL, WEPRIN -- read once and referred to the Committee
  on Banks

AN  ACT to amend the real property law, in relation to prohibiting mort-
  gagee from refusing to accept partial mortgage payments

  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
254-e to read as follows:
  S 254-E. REFUSAL BY MORTGAGEE TO ACCEPT PARTIAL MORTGAGE PAYMENTS.  1.
NO  MORTGAGEE  SHALL  REFUSE  TO  ACCEPT  A PARTIAL PAYMENT OF AN ENTIRE
AMOUNT DUE FROM A MORTGAGOR WHICH DOES NOT BRING THE  MORTGAGOR  CURRENT
ON HIS OR HER MORTGAGE DEBT.
  2.  THE PROVISIONS OF THIS SECTION SHALL NOT BAR ANY OTHER CONTRACTUAL
OR STATUTORY RIGHTS OR REMEDIES AVAILABLE TO A MORTGAGOR.
  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.
                                                           LBD11107-01-1

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