senate Bill S2312

2013-2014 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 - In Senate Committee


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Your valid home address is used to determine which NY State Senator Represents you.
Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to judiciary
returned to senate
died in assembly
Jun 11, 2013 referred to judiciary
delivered to assembly
passed senate
Jun 10, 2013 ordered to third reading cal.1179
committee discharged and committed to rules
Jan 15, 2013 referred to judiciary

Co-Sponsors

S2312 - Details

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

S2312 - 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.

S2312 - Sponsor Memo

S2312 - Bill Text download pdf

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

                                  2312

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 15, 2013
                               ___________

Introduced  by  Sens. DeFRANCISCO, 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.
                                                           LBD04622-01-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.