Assembly Bill A4273

2023-2024 Legislative Session

Imposes a temporary ban on the commencement of mortgage foreclosure actions and the sale of foreclosed properties

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A4273 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add §1394, RPAP L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10553
2021-2022: A2456

2023-A4273 (ACTIVE) - Summary

Imposes a temporary ban on the commencement of mortgage foreclosure actions and the sale of foreclosed properties for 365 days after the last region or county enters into phase 3 of the governor's reopening plan relating to the COVID-19 pandemic.

2023-A4273 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4273
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2023
                                ___________
 
 Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
   tee on Judiciary
 
 AN ACT to amend the  real  property  actions  and  proceedings  law,  in
   relation  to  imposing a temporary ban on the commencement of mortgage
   foreclosure actions and the sale of foreclosed properties; and provid-
   ing for the repeal of such provisions upon expiration thereof
 
   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 1394 to read as follows:
   §  1394.  TEMPORARY BAN ON FORECLOSURE ACTIONS AND SALES OF FORECLOSED
 PROPERTIES. 1. EXCEPT WITH RESPECT TO A VACANT  OR  ABANDONED  PROPERTY,
 STATE REGULATED SERVICERS, BANKS AND/OR CREDIT UNIONS OF A MORTGAGE LOAN
 MAY  NOT  INITIATE ANY JUDICIAL PROCESS, MOVE FOR A FORECLOSURE JUDGMENT
 OR EXECUTE A FORECLOSURE-RELATED EVICTION OR FORECLOSURE  SALE  OF  REAL
 PROPERTIES  FOR  TWELVE  MONTHS  AFTER  THE DATE THAT THE COVERED PERIOD
 ENDS.
   2. (A) DURING SUCH  MORATORIUM  PERIOD,  STATE  REGULATED  MORTGAGEES,
 LENDERS  OR  SERVICERS  ARE  REQUIRED TO EITHER: (I) SEND THE BORROWER A
 NOTICE OF DEFAULT IN ACCORDANCE WITH THE  TERM  OF  THE  MORTGAGE  LOAN,
 WHICH  SHALL  INCLUDE A LIST OF STATE CERTIFIED HOUSING COUNSELING AGEN-
 CIES AND A LIST OF STATE FUNDED LEGAL SERVICES  WHERE  THE  PROPERTY  IS
 LOCATED.  THIS  REQUIREMENT  IS NOT A SUBSTITUTE FOR THE NOTICE REQUIRED
 UNDER SECTION THIRTEEN HUNDRED FOUR OF THIS ARTICLE; (II) PARTICIPATE IN
 THE MANDATORY SETTLEMENT CONFERENCE PURSUANT TO RULE THIRTY-FOUR HUNDRED
 EIGHT OF THE CIVIL PRACTICE LAW AND RULES FOR  ALL  PENDING  FORECLOSURE
 ACTIONS  INCLUDING  ACTIONS  WHERE  THE  MORTGAGOR  APPEARED  AT A PRIOR
 SETTLEMENT CONFERENCE AND THE CASE WAS MARKED UNSETTLED.  THIS  REQUIRE-
 MENT  SHALL  NOT  APPLY TO PENDING FORECLOSURE ACTIONS WHERE A MORTGAGOR
 HAS NOT APPEARED AT A PRIOR SETTLEMENT CONFERENCE; OR (III)  ENGAGE  THE
 MORTGAGORS  IN  A  PRE-FORECLOSURE  WORKOUT TO NEGOTIATE IN GOOD FAITH A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06432-01-3
              

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