|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jul 16, 2020||referred to rules|
senate Bill S8789
Current Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8789 (ACTIVE) - Details
S8789 (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.
S8789 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8789 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the banking law, in relation to mortgage loan servicers PURPOSE OF BILL: This bill will add new subdivisions to section 595-b of the banking law in order to provide a private right of action to homeowners who are injured by a mortgage servicer or mortgagee's failure to comply with foreclosure rules and regulations. This bill will make the failure to comply a denfense in a foreclosure proceeding, and compliance a condi- tion before which a foreclosure action may be commenced. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section 595-b of the banking law to add new subdivi- sions 3 and 4. Subdivision 3 outlines a private right of action for those who are personally injured by mortgage loan servicers or mortga-
S8789 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8789 I N S E N A T E July 16, 2020 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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
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