senate Bill S6459

2011-2012 Legislative Session

Establishes the New York state mortgage settlement fund to consist of monies obtained by the state as a result of settlement with mortgage servicers

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Archive: Last Bill Status - In Senate Committee


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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 10, 2012 referred to finance

Co-Sponsors

S6459 - Details

Law Section:
State Finance Law
Laws Affected:
Add ยง97-llll, St Fin L

S6459 - Summary

Establishes the New York state mortgage settlement fund to consist of monies obtained by the state as a result of settlement with mortgage servicers to be used to compensate eligible homeowners who have been injured by foreclosure abuses; provides that homeowners eligible to receive compensation as a result of such settlement may elect certain bases for calculating such compensation; provides that eligible homeowners may request treble damages.

S6459 - Sponsor Memo

S6459 - Bill Text download pdf

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

                                  6459

                            I N  S E N A T E

                            February 10, 2012
                               ___________

Introduced  by  Sen.  SMITH  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law, in relation to  establishing  the
  New York state mortgage settlement fund

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

  Section 1. The state finance law is amended by adding  a  new  section
97-1111 to read as follows:
  S 97-1111. NEW YORK STATE MORTGAGE SETTLEMENT FUND. 1. THERE IS HEREBY
ESTABLISHED IN THE CUSTODY OF THE STATE COMPTROLLER A SPECIAL FUND TO BE
KNOWN AS THE NEW YORK STATE MORTGAGE SETTLEMENT FUND.
  2.  SUCH  FUND  SHALL CONSIST OF ALL MONIES OBTAINED BY THE STATE AS A
RESULT OF ANY AND ALL SETTLEMENTS NEGOTIATED WITH, BY OR  ON  BEHALF  OF
NEW YORK STATE WITH THE MORTGAGE SERVICERS, ANY OTHER MONEYS RECEIVED IN
LIEU  OF  SUCH AGREEMENT, AND ALL OTHER MONEYS APPROPRIATED, CREDITED OR
TRANSFERRED THERETO PURSUANT TO LAW.
  3. MONIES IN THE NEW YORK STATE MORTGAGE SETTLEMENT FUND SHALL BE KEPT
SEPARATE AND SHALL NOT BE COMMINGLED WITH ANY OTHER MONIES IN THE CUSTO-
DY OR CONTROL OF THE STATE COMPTROLLER.
  4. FOR PURPOSES OF THIS SECTION, THE FOLLOWING TERMS  SHALL  HAVE  THE
FOLLOWING MEANINGS:
  (A)  "MASTER SETTLEMENT AGREEMENT" SHALL MEAN THE SETTLEMENT AGREEMENT
AND RELATED DOCUMENTS ENTERED INTO IN THE YEAR TWO  THOUSAND  TWELVE  BY
THE STATE AND PARTICIPATING MORTGAGE SERVICERS.
  (B)  "MORTGAGE  SERVICER" SHALL HAVE THE SAME MEANING AS PARAGRAPH (H)
OF SUBDIVISION ONE OF SECTION FIVE HUNDRED NINETY OF THE BANKING LAW.
  (C) "PARTICIPATING MORTGAGE SERVICER" SHALL MEAN EACH MORTGAGE  SERVI-
CER  THAT  ENTERED  INTO THE MASTER SETTLEMENT AGREEMENT WITH THE STATE,
INCLUDING ALLY/GMAC, BANK OF AMERICA, CITI,  JPMORGAN  CHASE  AND  WELLS
FARGO.
  (D)  "ELIGIBLE  HOMEOWNER"  SHALL  MEAN ANY RESIDENT OF THIS STATE WHO
CURRENTLY OWNS AND RESIDES OR DID OWN AND RESIDE IN QUALIFYING  RESIDEN-
TIAL  REAL  PROPERTY,  WHO  THE COMMISSIONER DETERMINES, PURSUANT TO THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14624-01-2

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