Assembly Bill A5376

2017-2018 Legislative Session

Prohibits mortgagee from refusing to accept partial mortgage payments

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A5376 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Add §254-e, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A8040
2013-2014: A2069, A9276
2015-2016: A1226
2019-2020: A6061

2017-A5376 (ACTIVE) - Summary

Prohibits mortgagee from refusing to accept partial mortgage payments.

2017-A5376 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5376
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2017
                                ___________
 
 Introduced  by  M.  of  A.  TITUS, JAFFEE, M. G. MILLER, WEPRIN, HOOPER,
   ROSENTHAL, COOK, STECK -- read once and referred to the  Committee  on
   Judiciary
 
 AN  ACT to amend the real property law, in relation to prohibiting mort-
   gagee from refusing to accept partial mortgage payments

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real property law is amended by adding a new section
 254-e to read as follows:
   § 254-E. REFUSAL BY MORTGAGEE TO ACCEPT PARTIAL MORTGAGE PAYMENTS.  1.
 NO  MORTGAGEE  SHALL  REFUSE  TO  ACCEPT  A PARTIAL PAYMENT OF AN ENTIRE
 AMOUNT DUE FROM A MORTGAGOR WHICH DOES NOT BRING THE  MORTGAGOR  CURRENT
 ON HIS OR HER MORTGAGE DEBT.
   2.  THE PROVISIONS OF THIS SECTION SHALL NOT BAR ANY OTHER CONTRACTUAL
 OR STATUTORY RIGHTS OR REMEDIES AVAILABLE TO A MORTGAGOR.
   § 2. This act shall take effect on the thirtieth day  after  it  shall
 have become a law.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02620-01-7

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