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Assembly Bill A1371

2017-2018 Legislative Session

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

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Archive: Last Bill Status - On Floor Calendar

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2017-A1371 (ACTIVE) - Details

See Senate Version of this Bill:
S5928
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1302, RPAP L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10373
2019-2020: A5611, S3216
2021-2022: A2502, S5785

2017-A1371 (ACTIVE) - Summary

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

2017-A1371 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1371
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2017
                                ___________
 
 Introduced  by  M.  of  A. WEINSTEIN, HYNDMAN, ABINANTI -- 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:
   § 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.
   § 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.
                                                            LBD02864-01-7

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