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Assembly Bill A5611

2019-2020 Legislative Session

Makes the affirmative allegation provisions for high-cost loans and subprime home loans, applicable to all mortgage foreclosures

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Archive: Last Bill Status - On Floor Calendar

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2019-A5611 (ACTIVE) - Details

See Senate Version of this Bill:
S3216
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1302, RPAP L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10373
2017-2018: A1371, S5928
2021-2022: A2502, S5785

2019-A5611 (ACTIVE) - Summary

Makes the affirmative allegation provisions for high-cost loans and subprime home loans, applicable to all mortgage foreclosures.

2019-A5611 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5611
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2019
                                ___________
 
 Introduced by M. of A. WEINSTEIN, HYNDMAN, ABINANTI, TAYLOR -- read once
   and referred to the Committee on Judiciary
 
 AN  ACT  to  amend  the  real  property  actions and proceedings law, in
   relation to foreclosure of mortgages
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 1302 of the real property actions and proceedings
 law, as amended by chapter 472 of the laws of 2008, is amended  to  read
 as follows:
   §  1302. Foreclosure of [high-cost home loans and subprime home loans]
 MORTGAGES. 1.  Any complaint served in a proceeding  initiated  pursuant
 to  this  article  [relating to a high-cost home loan or a subprime home
 loan, as such terms are defined in section six-l and six-m of the  bank-
 ing  law,  respectively,] must contain an affirmative allegation that at
 the time the proceeding is commenced, the plaintiff:
   (a) is the owner and holder of the subject mortgage and note,  or  has
 been  delegated the authority to institute a mortgage foreclosure action
 by the owner and holder of the subject mortgage and note; and
   (b) has complied with all of the provisions of  section  five  hundred
 ninety-five-a  of  the banking law and any rules and regulations promul-
 gated thereunder, section six-l or six-m of the banking law, and section
 thirteen hundred four of this article.
   2. It shall be a defense to an action to foreclose a mortgage  [for  a
 high-cost  home  loan  or subprime home loan] that the terms of the home
 loan or the actions of the lender violate any provision of section six-l
 or six-m of the banking law or section thirteen  hundred  four  of  this
 article.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a  law  and  shall  apply  to
 actions commenced on or after such date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00876-01-9

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