senate Bill S6171

2017-2018 Legislative Session

Provides for the regulation of distressed home loans

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Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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 (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2018 committed to rules
Mar 13, 2018 advanced to third reading
Mar 12, 2018 2nd report cal.
Mar 06, 2018 1st report cal.594
Jan 03, 2018 referred to judiciary
May 11, 2017 referred to judiciary

Votes

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Mar 6, 2018 - Judiciary committee Vote

S6171
18
0
committee
18
Aye
0
Nay
4
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Judiciary committee vote details

Co-Sponsors

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S6171 (ACTIVE) - Details

See Assembly Version of this Bill:
A1408
Current Committee:
Senate 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:
2015-2016: A10423
2019-2020: S1688, A5615

S6171 (ACTIVE) - Summary

Provides for the regulation of distressed home loans.

S6171 (ACTIVE) - Sponsor Memo

S6171 (ACTIVE) - Bill Text download pdf


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

                                  6171

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              May 11, 2017
                               ___________

Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
  printed to be committed 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.
                                                           LBD02863-01-7

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