S T A T E O F N E W Y O R K
________________________________________________________________________
9339
I N A S S E M B L Y
February 23, 2016
___________
Introduced by M. of A. MOSLEY -- read once and referred to the Committee
on Banks
AN ACT to amend the real property law, in relation to the definition of
residence and residential real property
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (k) of subdivision 2 of section 265-a of the real
property law, as added by chapter 308 of the laws of 2006, is amended to
read as follows:
(k) "Residence" and "residential real property" means residential real
property consisting of one- to four-family dwelling units[, one of which
the equity seller occupies or occupied at a time immediately prior to
the equity sale as his or her primary residence].
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13525-01-6