|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to housing, construction and community development|
|Jan 09, 2013||referred to housing, construction and community development|
senate Bill S523
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S523 - Details
S523 - Summary
Relates to the failure of auction and requirements for sale of real estate owned property; defines terms; describes requirements for sale and penalties.
S523 - Sponsor Memo
BILL NUMBER:S523 TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to the failure of auction and requirements for sale of real estate owned property PURPOSE OR GENERAL IDEA: To create a transparent process by which banks contract with service providers for an REO transaction. SUMMARY OF SPECIFIC PROVISIONS: Section 1. Amends the Real Property Actions and Proceedings Law to define real estate owned property, registered real estate owned property lawyer, registered real estate owned property agent or broker and registered real estate owned property maintenance company. This section also requires the secretary of state to post and maintain on its website or otherwise make available a list of registered real estate owned property lawyers, a list of registered real estate owned property agents or brokers and a list of registered real estate owned property maintenance companies along with their contact information.
S523 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 523 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. SAMPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property actions and proceedings law, in relation to the failure of auction and requirements for sale of real estate owned property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property actions and proceedings law is amended by adding a new section 1355-a to read as follows: S 1355-A. FAILURE OF AUCTION: REQUIREMENTS FOR SALE OF REAL ESTATE OWNED PROPERTY. 1. DEFINITIONS. (A) "REAL ESTATE OWNED PROPERTY" SHALL MEAN A CLASS OF PROPERTY OWNED BY A LENDER, TYPICALLY A BANK OR MORTGAGE COMPANY, AFTER AN UNSUCCESSFUL SALE AT A FORECLOSURE AUCTION; THIS CLASS OF PROPERTY IS CATEGORIZED AS AN ASSET. (B) "REGISTERED REAL ESTATE OWNED PROPERTY LAWYER" SHALL MEAN ANY ATTORNEY WHO HAS REGISTERED WITH THE SECRETARY OF STATE PURSUANT TO SUBDIVISION TWO OF THIS SECTION TO CONDUCT A SALE OR OTHER TRANSACTION OF REAL ESTATE OWNED PROPERTY; THIS SECTION SHALL NOT BE CONSTRUED TO MEAN ANY ATTORNEY ON RETAINER BY THE BANK TO HANDLE REAL ESTATE TRANS- ACTIONS OR ANYONE DEEMED IN-HOUSE COUNSEL. (C) "REGISTERED REAL ESTATE OWNED PROPERTY AGENT OR BROKER" SHALL MEAN ANY INDIVIDUAL INVOLVED IN REAL ESTATE BROKERAGE ACTIVITY AS DEFINED IN SECTION FIVE HUNDRED NINETY-NINE-B OF THE BANKING LAW WHO HAS REGISTERED WITH THE SECRETARY OF STATE PURSUANT TO SUBDIVISION TWO OF THIS SECTION TO LIST FOR SALE ANY REAL ESTATE OWNED PROPERTY; THIS SECTION SHALL NOT BE CONSTRUED TO MEAN ANY AGENT OR BROKER ON RETAINER BY A BANK TO HANDLE REAL ESTATE SALES OR PURCHASES OR ANY AGENT OR BROKER EMPLOYED BY A BANK OR MORTGAGE COMPANY'S SUBSIDIARY. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02184-01-3
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