senate Bill S1688

Signed By Governor
2019-2020 Legislative Session

Provides for the regulation of distressed home loans

download bill text pdf

Sponsored By

Current Bill Status Via A5615 - 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 (11)
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
Apr 01, 2019 substituted by a5615
Mar 25, 2019 advanced to third reading
Mar 20, 2019 2nd report cal.
Mar 19, 2019 1st report cal.302
Jan 15, 2019 referred to judiciary

Co-Sponsors

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S1688 (ACTIVE) - Details

See Assembly Version of this Bill:
A5615
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: S6171, A1408

S1688 (ACTIVE) - Summary

Provides for the regulation of distressed home loans.

S1688 (ACTIVE) - Sponsor Memo

S1688 (ACTIVE) - Bill Text download pdf


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

                                  1688

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 15, 2019
                               ___________

Introduced  by  Sen.  MONTGOMERY  -- read twice and ordered printed, and
  when printed to be committed 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.
                                                           LBD00889-01-9

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