|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|
senate Bill S6171
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6171 (ACTIVE) - Details
S6171 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6171 TITLE OF BILL : 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 PURPOSE OF BILL : To strengthen and expand upon the Home Equity Theft Act of 2006 ("HETPA") by providing greater consumer protections for owners of homes that are either in default or in foreclosure. By improving disclosure of terms of distressed property consultant contracts, this bill gives homeowners additional time and information before deciding to transfer ownership of their home. It also removes existing hurdles that plaintiffs face in bringing an action for recovery or rescission under HETPA. Further, the bill provides for a mechanism under which an aggrieved homeowner can seek to have title restored to his or her property in the event of a criminal conviction in relation to the instrument that transferred the property. This bill establishes a process by which a district attorney can file a motion to quiet title in the supreme court of appropriate jurisdiction on behalf of the homeowner following such criminal conviction.
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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