assembly Bill A5615

Signed By Governor
2019-2020 Legislative Session

Provides for the regulation of distressed home loans

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 14, 2019 signed chap.167
Aug 12, 2019 delivered to governor
Apr 01, 2019 returned to assembly
passed senate
3rd reading cal.302
substituted for s1688
Mar 14, 2019 referred to judiciary
delivered to senate
passed assembly
Mar 07, 2019 advanced to third reading cal.119
Mar 05, 2019 reported
Feb 27, 2019 reported referred to codes
Feb 14, 2019 referred to judiciary

Co-Sponsors

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Multi-Sponsors

A5615 (ACTIVE) - Details

See Senate Version of this Bill:
S1688
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
2017-2018: A1408, S6171

A5615 (ACTIVE) - Summary

Provides for the regulation of distressed home loans.

A5615 (ACTIVE) - Bill Text download pdf


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

                                  5615

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            February 14, 2019
                               ___________

Introduced  by M. of A. WEINSTEIN, COOK, LENTOL, HYNDMAN, TITUS, WEPRIN,
  WRIGHT, TAYLOR -- Multi-Sponsored by -- M. of  A.  BARRON,  THIELE  --
  read once and referred 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.

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