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Assembly Bill A5841

2023-2024 Legislative Session

Relates to the language which must be included in mortgage foreclosure notices

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Archive: Last Bill Status - In Assembly Committee

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2023-A5841 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1304, RPAP L

2023-A5841 (ACTIVE) - Summary

Relates to the language which must be included in mortgage foreclosure notices; requires lenders, assignees, and mortgage loan servicers to evidence strict compliance with such notice requirements.

2023-A5841 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5841
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 23, 2023
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on Judiciary
 
 AN  ACT  to  amend  the  real  property  actions and proceedings law, in
   relation to notices required prior to mortgage foreclosure
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The opening paragraph of subdivision 1 of section 1304 of
 the real property actions and proceedings law, as amended by  section  6
 of  part  Q  of  chapter  73 of the laws of  2016, is amended to read as
 follows:
   Notwithstanding any other provision of law,  with  regard  to  a  home
 loan,  at  least  ninety days before a lender, an assignee or a mortgage
 loan servicer commences legal action against the borrower, or  borrowers
 at the property address and any other address of record, including mort-
 gage  foreclosure, such lender, assignee or mortgage loan servicer shall
 give notice to the borrower in at least fourteen-point type which  shall
 include ONLY the following:
   §  2.  The opening paragraph of subdivision 1-a of section 1304 of the
 real property actions and proceedings law, as added by section 3 of part
 HH of chapter 58 of the laws of  2018, is amended to read as follows:
   Notwithstanding any other provision of law, with regard to  a  reverse
 mortgage home loan, at least ninety days before a lender, an assignee or
 a  mortgage loan servicer commences legal action against the borrower or
 borrowers at the property address and any  other  addresses  of  record,
 including  reverse  mortgage foreclosure, such lender, assignee or mort-
 gage loan servicer shall give notice to the borrower in at  least  four-
 teen-point  type  except  for  the  heading  which  shall be in at least
 sixteen-point type which shall include ONLY the following:
   § 3. Section 1304 of the real property actions and proceedings law  is
 amended by adding a new subdivision 8 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09739-01-3
 A. 5841                             2

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