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Assembly Bill A730

2023-2024 Legislative Session

Establishes a one year moratorium on actions to foreclose a mortgage

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Archive: Last Bill Status - In Assembly Committee

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2023-A730 (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:
2013-2014: A5275
2015-2016: A3325
2017-2018: A3636
2019-2020: A4196
2021-2022: A2034

2023-A730 (ACTIVE) - Summary

Establishes a one year moratorium on actions to foreclose a mortgage.

2023-A730 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    730
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced  by M. of A. AUBRY -- read once and referred to the Committee
   on Judiciary
 
 AN ACT to amend the  real  property  actions  and  proceedings  law,  in
   relation to establishing a one year moratorium on actions to foreclose
   a mortgage
 
   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. MORATORIUM ON ACTIONS TO FORECLOSE A MORTGAGE. 1. BEGINNING ON
 THE EFFECTIVE DATE OF THIS SECTION AND ENDING ONE YEAR AFTER SUCH  DATE,
 NO ACTION TO FORECLOSE A MORTGAGE ON REAL PROPERTY LOCATED IN THIS STATE
 SHALL BE BROUGHT PURSUANT TO THIS ARTICLE IN ANY COURT IN THIS STATE.
   2.  ANY  MORTGAGOR  IN THIS STATE WHO OWNS PROPERTY IN THIS STATE THAT
 WOULD OTHERWISE BE SUBJECT TO  AN  ACTION  TO  FORECLOSE  SUCH  MORTGAGE
 PURSUANT  TO  THIS ARTICLE SHALL ENTER INTO GOOD FAITH NEGOTIATIONS WITH
 THE MORTGAGEE OF SUCH MORTGAGE TO NEGOTIATE TERMS FOR REPAYMENT  OF  THE
 LOAN  SECURED BY SUCH MORTGAGE. UPON AGREEMENT OF SUCH TERMS, SUCH MORT-
 GAGOR SHALL MAKE PAYMENTS TO SUCH MORTGAGEE ACCORDING TO SUCH AGREEMENT.
 FAILURE BY SUCH MORTGAGOR TO MAKE PAYMENTS PURSUANT  TO  SUCH  AGREEMENT
 SHALL   CONSTITUTE   A  WAIVER  BY  SUCH  MORTGAGOR  OF  THE  MORATORIUM
 PROTECTIONS SET FORTH IN SUBDIVISION ONE OF THIS SECTION.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01616-01-3

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