senate Bill S8915

2019-2020 Legislative Session

Relates to prohibiting the registration of mortgages in default prior to the filing of a notice of pendency

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 14, 2020 referred to rules

S8915 (ACTIVE) - Details

See Assembly Version of this Bill:
A10898
Current Committee:
Senate Rules
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add §1393, RPAP L

S8915 (ACTIVE) - Summary

Prohibits the registration of mortgages in default prior to the filing of a notice of pendency.

S8915 (ACTIVE) - Sponsor Memo

S8915 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8915
 
                             I N  S E N A T E
 
                              August 14, 2020
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the  real  property  actions  and  proceedings  law,  in
   relation to prohibiting the registration of mortgages in default prior
   to the filing of a notice of pendency
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property actions and proceedings law is amended by
 adding a new section 1393 to read as follows:
   § 1393. MORTGAGES IN DEFAULT. 1. NO LOCAL LAW, ORDINANCE OR RESOLUTION
 SHALL ALLOW FOR THE REGISTRATION OF  RESIDENTIAL  MORTGAGES  IN  DEFAULT
 PRIOR TO A MORTGAGEE FILING A NOTICE OF PENDENCY IN A COURT OF COMPETENT
 JURISDICTION.
   2. NO SUCH LOCAL LAW, ORDINANCE OR RESOLUTION SHALL REQUIRE A HOMEOWN-
 ER OR OCCUPANT TO REGISTER.
   3.  ANY  LOCAL LAW, ORDINANCE OR RESOLUTION THAT ALLOWS FOR THE REGIS-
 TRATION OF RESIDENTIAL MORTGAGES IN DEFAULT MAY  IMPOSE  A  REGISTRATION
 FEE  NOT EXCEEDING SEVENTY-FIVE DOLLARS ANNUALLY. A MORTGAGEE AND/OR ITS
 AGENTS ARE PROHIBITED FROM PASSING ALONG SUCH FEES TO THE  MORTGAGOR  IN
 DEFAULT.
   4.  FOR THE PURPOSES OF THIS SECTION, A MORTGAGE DEFAULT OCCURS WHEN A
 MORTGAGOR FAILS TO FULFILL ITS OBLIGATIONS UNDER A MORTGAGE AGREEMENT.
   5. "REGISTRATION" SHALL MEAN THE COLLECTION, PUBLICATION  OR  POSTING,
 PUBLIC  OR  OTHERWISE,  OF  RESIDENTIAL  MORTGAGES IN DEFAULT BY A LOCAL
 GOVERNING BODY OR AN AGENCY THEREOF,  OR  ANY  THIRD-PARTY  ENTITY  THAT
 CONTRACTS WITH SUCH LOCAL GOVERNING BODY.
   6.  "NOTICE  OF  PENDENCY"  SHALL  HAVE THE SAME MEANING AS DEFINED IN
 SECTION SIXTY-FIVE HUNDRED ONE OF THE CIVIL PRACTICE LAW AND RULES.
   7. A LOCAL GOVERNING BODY, THROUGH A LOCAL LAW,  ORDINANCE  OR  RESOL-
 UTION,  MAY  IMPOSE  A  FINE  ON A MORTGAGEE FOR NONCOMPLIANCE WITH THIS
 SECTION OR ANY LOCAL LAW, ORDINANCE OR RESOLUTION THAT  ALLOWS  FOR  THE
 REGISTRATION OF RESIDENTIAL MORTGAGES IN DEFAULT. A MORTGAGEE AND/OR ITS
 AGENTS  ARE PROHIBITED FROM PASSING ALONG SUCH FINES TO THE MORTGAGOR IN
 DEFAULT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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