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Assembly Bill A2502A

Signed By Governor

2021-2022 Legislative Session

Makes the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four family dwellings

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Archive: Last Bill Status Via S5785 - Signed by Governor

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co-Sponsors

2021-A2502 - Details

See Senate Version of this Bill:
S5785
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1302, RPAP L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10373
2017-2018: A1371, S5928
2019-2020: A5611, S3216

2021-A2502 - Summary

Makes the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four family dwellings.

2021-A2502 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2502
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by  M.  of A. WEINSTEIN, TAYLOR -- read once and referred to
   the Committee on Judiciary
 
 AN ACT to amend the  real  property  actions  and  proceedings  law,  in
   relation to foreclosure of mortgages
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 1302 of the real property actions  and  proceedings
 law,  as  amended by chapter 472 of the laws of 2008, is amended to read
 as follows:
   § 1302. Foreclosure of [high-cost home loans and subprime home  loans]
 MORTGAGES.  1.   Any complaint served in a proceeding initiated pursuant
 to this article [relating to a high-cost home loan or  a  subprime  home
 loan,  as such terms are defined in section six-l and six-m of the bank-
 ing law, respectively,] must contain an affirmative allegation  that  at
 the time the proceeding is commenced, the plaintiff:
   (a)  is  the owner and holder of the subject mortgage and note, or has
 been delegated the authority to institute a mortgage foreclosure  action
 by the owner and holder of the subject mortgage and note; and
   (b)  has  complied  with all of the provisions of section five hundred
 ninety-five-a of the banking law and any rules and  regulations  promul-
 gated thereunder, section six-l or six-m of the banking law, and section
 thirteen hundred four of this article.
   2.  It  shall be a defense to an action to foreclose a mortgage [for a
 high-cost home loan or subprime home loan] that the terms  of  the  home
 loan or the actions of the lender violate any provision of section six-l
 or  six-m  of  the  banking law or section thirteen hundred four of this
 article.
   § 2. This act shall take effect on the first of January next  succeed-
 ing  the  date  on  which  it shall have become a law and shall apply to
 actions commenced on or after such date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00013-01-1

co-Sponsors

2021-A2502A (ACTIVE) - Details

See Senate Version of this Bill:
S5785
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1302, RPAP L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10373
2017-2018: A1371, S5928
2019-2020: A5611, S3216

2021-A2502A (ACTIVE) - Summary

Makes the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four family dwellings.

2021-A2502A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2502--A
                                                             R. R. 82
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by  M.  of A. WEINSTEIN, TAYLOR -- read once and referred to
   the Committee on Judiciary -- reported and referred to  the  Committee
   on  Rules -- ordered to a third reading, passed by Assembly and deliv-
   ered to the Senate, recalled from the Senate, vote reconsidered,  bill
   amended,  ordered  reprinted, retaining its place on the special order
   of third reading
 
 AN ACT to amend the  real  property  actions  and  proceedings  law,  in
   relation  to foreclosure of residential mortgages covering one to four
   family dwellings
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 1302 of the real property actions and proceedings
 law, as amended by chapter 472 of the laws of 2008, is amended  to  read
 as follows:
   §  1302. Foreclosure of [high-cost home loans and subprime home loans]
 CERTAIN RESIDENTIAL MORTGAGES. 1.  Any complaint served in a  proceeding
 initiated ON A RESIDENTIAL MORTGAGE COVERING A ONE TO FOUR FAMILY DWELL-
 ING  pursuant  to  this  article [relating to a high-cost home loan or a
 subprime home loan, as such terms are defined in section six-l and six-m
 of the banking law, respectively,] must contain an  affirmative  allega-
 tion that at the time the proceeding is commenced, the plaintiff:
   (a)  is  the owner and holder of the subject mortgage and note, or has
 been delegated the authority to institute a mortgage foreclosure  action
 by the owner and holder of the subject mortgage and note; and
   (b)  has  complied  with all of the provisions of section five hundred
 ninety-five-a of the banking law and any rules and  regulations  promul-
 gated  thereunder,  section six-l or six-m of the banking law, FOR LOANS
 GOVERNED BY THOSE PROVISIONS, and section thirteen hundred four of  this
 article.
   2.  It  shall be a defense to an action to foreclose a mortgage [for a
 high-cost home loan or subprime home loan] that the terms  of  the  home
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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