assembly Bill A10373

2015-2016 Legislative Session

Makes the affirmative allegation provisions for high-cost loans and subprime home loans, applicable to all mortgage foreclosures

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2016 reported referred to rules
May 25, 2016 referred to judiciary

Co-Sponsors

A10373 (ACTIVE) - Details

Current Committee:
Assembly Rules
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd ยง1302, RPAP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A1371
2019-2020: A5611
2021-2022: A2502

A10373 (ACTIVE) - Summary

Makes the affirmative allegation provisions for high-cost loans and subprime home loans, applicable to all mortgage foreclosures.

A10373 (ACTIVE) - Bill Text download pdf 

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

                                  10373

                          I N  A S S E M B L Y

                              May 25, 2016
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
  Committee on Judiciary

AN ACT to amend the  real  property  actions  and  proceedings  law,  in
  relation to foreclosure of mortgages

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

  Section 1. Section 1302 of the real property actions  and  proceedings
law,  as  amended by chapter 472 of the laws of 2008, is amended to read
as follows:
  S 1302. Foreclosure of [high-cost home loans and subprime home  loans]
MORTGAGES.  1.   Any complaint served in a proceeding initiated pursuant
to this article [relating to a high-cost home loan or  a  subprime  home
loan,  as such terms are defined in section six-l and six-m of the bank-
ing law, respectively,] must contain an affirmative allegation  that  at
the time the proceeding is commenced, the plaintiff:
  (a)  is  the owner and holder of the subject mortgage and note, or has
been delegated the authority to institute a mortgage foreclosure  action
by the owner and holder of the subject mortgage and note; and
  (b)  has  complied  with all of the provisions of section five hundred
ninety-five-a of the banking law and any rules and  regulations  promul-
gated thereunder, section six-l or six-m of the banking law, and section
thirteen hundred four of this article.
  2.  It  shall be a defense to an action to foreclose a mortgage [for a
high-cost home loan or subprime home loan] that the terms  of  the  home
loan or the actions of the lender violate any provision of section six-l
or  six-m  of  the  banking law or section thirteen hundred four of this
article.
  S 2. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law and shall apply to
actions commenced on or after such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15267-01-6