assembly Bill A1408

2017-2018 Legislative Session

Provides for the regulation of distressed home loans

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Assembly


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2018 referred to judiciary
delivered to senate
passed assembly
Jan 03, 2018 ordered to third reading cal.105
returned to assembly
died in senate
May 09, 2017 referred to local government
delivered to senate
passed assembly
May 04, 2017 advanced to third reading cal.264
May 02, 2017 reported
Apr 24, 2017 reported referred to codes
Jan 12, 2017 referred to judiciary

Co-Sponsors

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Multi-Sponsors

A1408 (ACTIVE) - Details

See Senate Version of this Bill:
S6171
Current Committee:
Senate Judiciary
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:
2015-2016: A10423
2019-2020: A5615, S1688

A1408 (ACTIVE) - Summary

Provides for the regulation of distressed home loans.

A1408 (ACTIVE) - Bill Text download pdf


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

                                  1408

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 12, 2017
                               ___________

Introduced by M. of A. WEINSTEIN, COOK, LENTOL, HYNDMAN, TITUS, SKOUFIS,
  SEPULVEDA,  COLTON  -- 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;

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

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