senate Bill S2906

2011-2012 Legislative Session

Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2012 referred to judiciary
delivered to assembly
passed senate
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
passed senate
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

Votes

view votes

May 1, 2012 - Judiciary committee Vote

S2906
21
0
committee
21
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Judiciary committee vote details

Mar 1, 2011 - Judiciary committee Vote

S2906
19
0
committee
19
Aye
0
Nay
4
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Judiciary committee vote details

Co-Sponsors

S2906 - Details

See Assembly Version of this Bill:
A8300
Current Committee:
Law Section:
Real Property Law
Laws Affected:
Amd §275, RP L
Versions Introduced in Previous Legislative Sessions:
2009-2010: S2566
2011-2012: S2906

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

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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