assembly Bill A10851

2019-2020 Legislative Session

Relates to mortgage loan servicers

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 24, 2020 referred to banks

A10851 (ACTIVE) - Details

See Senate Version of this Bill:
S8789
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-b, Bank L
Versions Introduced in 2021-2022 Legislative Session:
A2428, S2143

A10851 (ACTIVE) - Summary

Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in his or her own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages (view more) makes related provisions.

A10851 (ACTIVE) - Bill Text download pdf


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

                                  10851

                          I N  A S S E M B L Y

                              July 24, 2020
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of M. of A. Dinowitz) --
  read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to mortgage loan servicers

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 595-b of the banking law is amended by  adding  two
new subdivisions 3 and 4 to read as follows:
  3.  ACTIONS AND DAMAGES. (A) ANY PERSON WHO HAS BEEN INJURED BY REASON
OF ANY VIOLATION OF ANY SUCH  RULES,  REGULATIONS  OR  POLICIES  AS  THE
SUPERINTENDENT  MAY  PROMULGATE TO EFFECTUATE THE PURPOSES OF THIS ARTI-
CLE, INCLUDING BUT NOT LIMITED  TO  3  NYCRR  419  OR  ANY  SUBSEQUENTLY
PROMULGATED MORTGAGE SERVICING RULES PURSUANT TO THIS SUBDIVISION, MAY:
  (I) BRING AN ACTION IN HIS OR HER OWN NAME;
  (II) ASSERT A COUNTERCLAIM; OR
  (III)  IF  AN ACTION IS COMMENCED BY THE MORTGAGEE OR ANYONE ACTING ON
ITS BEHALF, BRING A THIRD PARTY  CLAIM,  AGAINST  EITHER  THE  MORTGAGEE
AND/OR THE MORTGAGE SERVICER TO ENJOIN ANY VIOLATIONS THEREOF.
  (B) THE PERSON INJURED PURSUANT TO THIS SECTION:
  (I)  MAY  RECOVER  STATUTORY  DAMAGES  OF  ONE  THOUSAND  DOLLARS  PER
VIOLATION;
  (II) MAY RECOVER TREBLE ACTUAL DAMAGES; AND
  (III) IF AWARDED DAMAGES OR INJUNCTIVE RELIEF, SHALL ALSO BE  ENTITLED
TO  RECOVER  COSTS AND EXPENSES, INCLUDING BUT NOT LIMITED TO REASONABLE
ATTORNEYS' FEES.
  (C) THE MORTGAGEE AND THE  MORTGAGE  SERVICER  SHALL  BE  JOINTLY  AND
SEVERALLY  LIABLE  FOR  ANY  RECOVERIES  BY  AN INJURED MORTGAGOR IN ANY
ACTION BROUGHT PURSUANT TO THIS SUBDIVISION.
  4. COMPLIANCE WITH RULES, REGULATIONS OR POLICIES. COMPLIANCE WITH ANY
SUCH RULES, REGULATIONS OR POLICIES AS THE SUPERINTENDENT MAY PROMULGATE
TO EFFECTUATE THE PURPOSES OF THIS ARTICLE, INCLUDING BUT NOT LIMITED TO
3 NYCRR 419 OR ANY SUBSEQUENTLY  PROMULGATED  MORTGAGE  SERVICING  RULES
PURSUANT TO THIS SUBDIVISION, SHALL BE A CONDITION PRECEDENT TO COMMENC-
ING AN ACTION TO FORECLOSE UPON A MORTGAGE SUBJECT TO THIS ARTICLE OR AN
ACTION  ON  THE  NOTE,  AND THE FAILURE TO COMPLY WITH SUCH RULES, REGU-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets