|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 12, 2012||referred to judiciary|
delivered to assembly
|May 07, 2012||advanced to third reading|
|May 02, 2012||2nd report cal.|
|May 01, 2012||1st report cal.623|
|Jan 04, 2012||referred to judiciary|
returned to senate
died in assembly
|Jun 14, 2011||referred to judiciary|
delivered to assembly
|Mar 03, 2011||advanced to third reading|
|Mar 02, 2011||2nd report cal.|
|Mar 01, 2011||1st report cal.125|
|Feb 03, 2011||referred to judiciary|
senate Bill S2906
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2906 - Details
S2906 - Summary
Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan.
S2906 - Sponsor Memo
BILL NUMBER:S2906 TITLE OF BILL: An act to amend the real property law, in relation to allowing an assignment of mortgage in lieu of a certificate of discharge PURPOSE: To allow property owners who have paid off their mortgage as part of refinancing their property with a new bank to get either a certificate of discharge or an assignment of the mortgage. SUMMARY OF SPECIFIC PROVISIONS: The bill amends subdivision 2 of § 275 of the Real Property Law to allow a property owner who has paid off a mortgage to demand either an assignment of their mortgage or a certificate of discharge from the bank which holds the mortgage. The assignment or certificate of discharge shall be available only for refinancing purposes thereby preventing the problem of dormant mortgages. If the mortgagor wishes an assignment rather than a certificate of discharge, the demand must be made in writing and state that the reason for the assignment is to effectuate the refinancing of an existing loan with a new lender. The original lender shall then assign the note and mortgage securing its payment to another lender.
S2906 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2906 2011-2012 Regular Sessions I N S E N A T E February 3, 2011 ___________ Introduced by Sens. DeFRANCISCO, JOHNSON, LARKIN, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to allowing an assignment of mortgage in lieu of a certificate of discharge THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 275 of the real property law is amended by adding a new closing paragraph to read as follows: IN THE SITUATION PROVIDED FOR IN PARAGRAPH (C) OF THIS SUBDIVISION, THE MORTGAGOR, AT HIS OR HER OPTION MAY DEMAND AN ASSIGNMENT OF THE MORTGAGOR'S NOTE AND MORTGAGE SECURING ITS PAYMENT TO ANOTHER LENDER. THE ORIGINAL LENDER SHALL ASSIGN THE MORTGAGOR'S NOTE AND MORTGAGE SECURING ITS PAYMENT TO ANOTHER LENDER UPON SUCH DEMAND. THE DEMAND FOR THE ASSIGNMENT OF MORTGAGE SHALL BE MADE BY THE MORTGAGOR TO THE MORTGA- GEE IN WRITING WITHIN TWENTY DAYS OF CLOSING ON THE REFINANCING AND SHALL STATE THAT THE PURPOSE FOR SUCH ASSIGNMENT IS TO EFFECTUATE THE REFINANCING OF THE EXISTING LOAN WITH A NEW LENDER. THE PERSON SIGNING THE ASSIGNMENT SHALL DELIVER THE ASSIGNMENT AND ANY NECESSARY ACCOMPANY- ING PAPERS OR AFFIDAVITS AT LEAST TWO DAYS PRIOR TO SUCH CLOSING, TO THE ESCROW AGENT DESIGNATED BY THE MORTGAGOR AND THE MORTGAGEE OR ORIGINAL LENDER. UPON CLOSING, THE ESCROW AGENT SHALL TRANSMIT THE ASSIGNMENT AND ANY NECESSARY ACCOMPANYING PAPERS OR AFFIDAVITS TO THE NEW LENDER OR MORTGAGEE. THE PROVISIONS OF THIS PARAGRAPH SHALL NEITHER EXPAND NOR DIMINISH THE LIABILITY AGAINST A MORTGAGEE WHO, AFTER A GOOD FAITH EFFORT, IS UNABLE TO DELIVER THE NOTE TO THE ESCROW AGENT BECAUSE THE NOTE WAS MISPLACED OR LOST. 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. LBD03771-01-1
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