senate Bill S523

2013-2014 Legislative Session

Relates to the failure of auction and requirements for sale of real estate owned property

download bill text pdf

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Archive: Last Bill Status - In Committee


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

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Actions

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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

S523 - Details

Current Committee:
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add ยง1355-a, RPAP L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1697
2009-2010: S7688

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

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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