Assembly Bill A5615

Signed By Governor
2019-2020 Legislative Session

Provides for the regulation of distressed home loans

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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2019-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

2019-A5615 (ACTIVE) - Summary

Provides for the regulation of distressed home loans.

2019-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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