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Assembly Bill A1266

2017-2018 Legislative Session

Relates to required prior notices in mortgage foreclosure actions

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2017-A1266 (ACTIVE) - Details

Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1304, RPAP L
Versions Introduced in 2015-2016 Legislative Session:
A10745

2017-A1266 (ACTIVE) - Summary

Relates to required prior notices; includes reverse mortgage transactions in the definition of home loan.

2017-A1266 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1266
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2017
                                ___________
 
 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 required prior notices
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph (a) of subdivision 6 of section 1304 of the  real
 property  actions and proceedings law, as amended by section 6 of part Q
 of chapter 73 of the laws of 2016, is amended to read as follows:
   (a) "Home loan" means a  loan,  including  an  open-end  credit  plan,
 [other than a reverse mortgage transaction,] in which:
   (i) The borrower is a natural person;
   (ii)  The  debt  is  incurred  by the borrower primarily for personal,
 family, or household purposes;
   (iii) The loan is secured by a mortgage  or  deed  of  trust  on  real
 estate improved by a one to four family dwelling, or a condominium unit,
 in  either  case,  used  or occupied, or intended to be used or occupied
 wholly or partly, as the home or residence of one or  more  persons  and
 which is or will be occupied by the borrower as the borrower's principal
 dwelling; and
   (iv) The property is located in this state.
   §  2. Paragraph (b) of subdivision 6 of section 1304 of the real prop-
 erty actions and proceedings law, as amended by section 7 of part  Q  of
 chapter 73 of the laws of 2016, is amended to read as follows:
   (b)  "Home loan" means a home loan, including an open-end credit plan,
 [other than a reverse mortgage transaction,] in which:
   (i) The principal amount of the loan at origination did not exceed the
 conforming loan size that was in existence at the  time  of  origination
 for  a  comparable dwelling as established by the federal national mort-
 gage association;
   (ii) The borrower is a natural person;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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