senate Bill S7032

2013-2014 Legislative Session

Relates to prohibiting mortgagors from recovering attorney's fees and/or expenses incurred during a foreclosure

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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 21, 2014 referred to judiciary

S7032 - Details

Current Committee:
Law Section:
Real Property Law
Laws Affected:
Amd ยง282, RP L

S7032 - Summary

Relates to prohibiting mortgagors from recovering attorney's fees and/or expenses incurred during a foreclosure.

S7032 - Sponsor Memo

S7032 - Bill Text download pdf

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

                                  7032

                            I N  S E N A T E

                             April 21, 2014
                               ___________

Introduced  by  Sen. SANDERS -- 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 prohibiting  mort-
  gagors from recovering attorney's fees and/or expenses incurred during
  a foreclosure

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

  Section 1. Section 282 of the real property law, as added  by  chapter
550 of the laws of 2010, is amended to read as follows:
  S  282.  [Mortgagor's  right  to  recover]  MORTGAGORS PROHIBITED FROM
RECOVERING attorneys' fees in actions  or  proceedings  arising  out  of
foreclosures of residential property. 1.  [Whenever a covenant contained
in  a  mortgage  on  residential real property shall provide that in any
action or proceeding to foreclose the mortgage that  the  mortgagee  may
recover  attorneys'  fees  and/or expenses incurred as the result of the
failure of the mortgagor to perform any covenant or agreement  contained
in  such  mortgage, or that amounts paid by the mortgagee therefor shall
be paid by the mortgagor as additional payment, there shall  be  implied
in such mortgage a covenant by the mortgagee to pay to the mortgagor the
reasonable]  IN  THE  FORECLOSURE OF RESIDENTIAL PROPERTY MORTGAGORS ARE
PROHIBITED FROM RECOVERING  FROM  THE  MORTGAGEES  ANY  attorneys'  fees
and/or  expenses  incurred by the mortgagor as the result of the failure
of the mortgagee to perform any covenant or agreement on its part to  be
performed  under the mortgage or in the successful defense of any action
or proceeding commenced by the mortgagee against the  mortgagor  arising
out of the contract, and an agreement that such fees and expenses may be
recovered [as provided by law in an action commenced against the mortga-
gee  or  by way of counterclaim in any action or proceeding commenced by
the mortgagee against the mortgagor. Any waiver of this section shall be
void as against public policy] IS VOID.
  2. For the purposes of this section, "residential real property" means
real property improved by a one- to four-family residence, a condominium
that is occupied by the mortgagor or a cooperative unit that is occupied
by the mortgagor.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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.