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Senate Bill S5785A

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 - Signed by Governor

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Bill Amendments

2021-S5785 - Details

See Assembly Version of this Bill:
A2502
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: S5928, A1371
2019-2020: S3216, A5611

2021-S5785 - 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-S5785 - Sponsor Memo

2021-S5785 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5785
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2021
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 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.

2021-S5785A (ACTIVE) - Details

See Assembly Version of this Bill:
A2502
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: S5928, A1371
2019-2020: S3216, A5611

2021-S5785A (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-S5785A (ACTIVE) - Sponsor Memo

2021-S5785A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5785--A
     Cal. No. 919
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2021
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  --  reported  favorably  from  said committee,
   ordered to first and second report, ordered to a third reading, passed
   by Senate and delivered to the Assembly, recalled, vote  reconsidered,
   restored  to  third  reading, amended and ordered reprinted, retaining
   its place in the 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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