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Senate Bill S144

2011-2012 Legislative Session

Limits the amount held in mortgage escrow accounts to a one month reserve

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Archive: Last Bill Status - In Senate Committee Local Government Committee

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2011-S144 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §953, RPT L; amd §6-k, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S7489

2011-S144 (ACTIVE) - Summary

Limits the amount held in mortgage escrow accounts to a one month reserve.

2011-S144 (ACTIVE) - Sponsor Memo

2011-S144 (ACTIVE) - Bill Text download pdf 

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

                                   144

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the real property  tax  law  and  the  banking  law,  in
  relation to the amounts held in mortgage escrow accounts

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

  Section 1. Subdivision 1 of section 953 of the real property tax  law,
as  added  by  chapter  440  of  the laws of 1989, is amended to read as
follows:
  1. Every mortgage investing institution shall make  all  payments  for
taxes for which they hold real property tax escrow accounts, in a timely
manner.    NOTWITHSTANDING FEDERAL LAW, THE AMOUNT HELD IN SUCH ACCOUNTS
MAY NOT EXCEED THE ESTIMATED ANNUAL AMOUNT OF THE  TAXES  THAT  WILL  BE
PAID BY MORE THAN ONE-TWELFTH OF SUCH AMOUNT.
  S 2. Paragraph (a) of subdivision 2 of section 6-k of the banking law,
as  added  by  chapter  563  of  the laws of 1992, is amended to read as
follows:
  (a) Every mortgage investing institution shall make all  payments  for
insurance for which they hold real property insurance escrow accounts in
a  timely manner.   NOTWITHSTANDING FEDERAL LAW, THE AMOUNT HELD IN SUCH
ACCOUNTS MAY NOT EXCEED THE ESTIMATED ANNUAL  AMOUNT  OF  THE  INSURANCE
PREMIUMS THAT WILL BE PAID BY MORE THAN ONE-TWELFTH OF SUCH AMOUNT.
  S 3. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01274-01-1

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