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
              

                       [ ] is old law to be omitted.
                                                            LBD00013-02-1

 A. 2502--A                          2
 
 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.