assembly Bill A10423A

2015-2016 Legislative Session

Provides for the regulation of distressed home loans

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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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 07, 2016 amend and recommit to rules 10423a
Jun 06, 2016 reported referred to rules
Jun 02, 2016 reported referred to codes
May 26, 2016 referred to judiciary

Co-Sponsors

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Multi-Sponsors

A10423 - Details

Current Committee:
Assembly Rules
Law Section:
Real Property Law
Laws Affected:
Amd §§265-a & 265-b, RP L; amd R6312, CPLR; add §420.45, CP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A1408
2019-2020: A5615

A10423 - Summary

Provides for the regulation of distressed home loans.

A10423 - Bill Text download pdf

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

                                  10423

                          I N  A S S E M B L Y

                              May 26, 2016
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN,  COOK,  ROBINSON, MOSLEY, WALKER,
  LENTOL, HYNDMAN, TITUS -- Multi-Sponsored by -- M. of A. BARRON, NOLAN
  -- read once and referred to the Committee on Judiciary

AN ACT to amend the real property law, the civil practice law and rules,
  and the criminal procedure law, in relation to distressed home loans

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

  Section 1. Paragraphs (c) and (e) of subdivision 2 of section 265-a of
the  real property law, as added by chapter 308 of the laws of 2006, are
amended to read as follows:
  (c) "Covered contract" means any contract, agreement, or  arrangement,
or  any  term  thereof,  between  an  equity purchaser and equity seller
which:
  (i) is incident to the sale of a residence in foreclosure; or
  (ii) is incident to the sale of a residence in foreclosure or  default
where  such  contract,  agreement or arrangement includes a reconveyance
arrangement[.]; OR
  (III) IS INCIDENT TO THE SALE OF A RESIDENCE THAT  IS  THE  COLLATERAL
FOR  A "DISTRESSED HOME LOAN" AS DEFINED IN PARAGRAPH (D) OF SUBDIVISION
ONE OF SECTION TWO HUNDRED SIXTY-FIVE-B OF THIS ARTICLE.
  For purposes of this section, any reference to the "sale" of  a  resi-
dence  by an equity seller to an equity purchaser shall include a trans-
action where an equity seller receives  consideration  from  the  equity
purchaser, and a transaction involving a transfer of title to the equity
purchaser where no consideration is provided to the equity seller.
  (e)  "Equity  purchaser" means any person who OR ENTITY WHICH acquires
title to any residence in foreclosure or, where applicable, default,  or
[his  or  her] THE representative OF SUCH PERSON OR ENTITY as defined in
this subdivision, except a person who acquires such title as follows:
  (i) to use, and who uses, such property as his or  her  primary  resi-
dence;
  (ii) by a deed from a referee in a foreclosure sale conducted pursuant
to article thirteen of the real property actions and proceedings law;
  (iii) at any sale of property authorized by statute;

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

Co-Sponsors

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Multi-Sponsors

A10423A (ACTIVE) - Details

Current Committee:
Assembly Rules
Law Section:
Real Property Law
Laws Affected:
Amd §§265-a & 265-b, RP L; amd R6312, CPLR; add §420.45, CP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A1408
2019-2020: A5615

A10423A (ACTIVE) - Summary

Provides for the regulation of distressed home loans.

A10423A (ACTIVE) - Bill Text download pdf

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

                                10423--A

                          I N  A S S E M B L Y

                              May 26, 2016
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN,  COOK,  ROBINSON, MOSLEY, WALKER,
  LENTOL, HYNDMAN, TITUS, SKOUFIS -- Multi-Sponsored  by  --  M.  of  A.
  BARRON,  NOLAN -- read once and referred to the Committee on Judiciary
  -- reported and referred to the Committee on  Codes  --  reported  and
  referred to the Committee on Rules -- Rules Committee discharged, bill
  amended, ordered reprinted as amended and recommitted to the Committee
  on Rules

AN ACT to amend the real property law, the civil practice law and rules,
  and the criminal procedure law, in relation to distressed home loans

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

  Section 1. Paragraphs (c) and (e) of subdivision 2 of section 265-a of
the real property law, as added by chapter 308 of the laws of 2006,  are
amended to read as follows:
  (c)  "Covered contract" means any contract, agreement, or arrangement,
or any term thereof, between  an  equity  purchaser  and  equity  seller
which:
  (i) is incident to the sale of a residence in foreclosure; or
  (ii)  is incident to the sale of a residence in foreclosure or default
where such contract, agreement or arrangement  includes  a  reconveyance
arrangement[.]; OR
  (III)  IS  INCIDENT  TO THE SALE OF A RESIDENCE THAT IS THE COLLATERAL
FOR A "DISTRESSED HOME LOAN" AS DEFINED IN PARAGRAPH (D) OF  SUBDIVISION
ONE OF SECTION TWO HUNDRED SIXTY-FIVE-B OF THIS ARTICLE.
  For  purposes  of this section, any reference to the "sale" of a resi-
dence by an equity seller to an equity purchaser shall include a  trans-
action  where  an  equity  seller receives consideration from the equity
purchaser, and a transaction involving a transfer of title to the equity
purchaser where no consideration is provided to the equity seller.
  (e) "Equity purchaser" means any person who OR ENTITY  WHICH  acquires
title  to any residence in foreclosure or, where applicable, default, or
[his or her] THE representative OF SUCH PERSON OR ENTITY as  defined  in
this subdivision, except a person who acquires such title as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15636-02-6

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