Senate Bill S2948

2023-2024 Legislative Session

Prevents fraudulent deed transfers

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Judiciary 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-S2948 (ACTIVE) - Details

See Assembly Version of this Bill:
A7386
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §333, RP L; amd §§6-n & 14, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7720
2021-2022: S1569, A6884

2023-S2948 (ACTIVE) - Summary

Relates to preventing fraudulent deed transfers; protects home owners from being misled into transferring their home to mortgage servicers.

2023-S2948 (ACTIVE) - Sponsor Memo

2023-S2948 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2948
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2023
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the real property law and the banking law,  in  relation
   to preventing fraudulent deed transfers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 333 of the real property law is amended by adding a
 new subdivision 4 to read as follows:
   4. A RECORDING OFFICER SHALL NOT  RECORD  OR  ACCEPT  FOR  RECORD  ANY
 CONVEYANCE OF REAL PROPERTY AFFECTING LAND IN NEW YORK STATE UNLESS SUCH
 CONVEYANCE  CONTAINS,  OR  IS  ACCOMPANIED  BY  AN  ADDENDUM CONTAINING,
 EXPLICIT AND BOLD LANGUAGE THAT READS, "YOU ARE HEREBY MADE  AWARE  THAT
 BY  SIGNING  THIS  DEED  YOU  ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR
 HOME", WITH A SIGNATURE LINE UNDER SUCH LANGUAGE WHICH SHALL  CONTAIN  A
 NOTARIZED  SIGNATURE  OF THE TRANSFEROR.   FAILURE OF A PERSON OR CORPO-
 RATION TO USE A DEED WITHOUT SUCH WARNING LANGUAGE OR IF THE  TRANSFEROR
 DOES  NOT SIGN THE ACKNOWLEDGEMENT TO COMPLETE SUCH DEED TRANSFER PURSU-
 ANT TO THIS SECTION SHALL BE A CLASS E FELONY.
   § 2. Section 6-n of the banking law is amended by adding a new  subdi-
 vision 3 to read as follows:
   3.  NO  DEED  TRANSFER  FROM A BORROWER TO A MORTGAGE SERVICER THAT IS
 TRANSFERRED AS PART OF A MODIFICATION OF MORTGAGE TERMS SHALL BE CONSID-
 ERED A VALID DEED TRANSFER. THE DEPARTMENT SHALL HAVE THE  AUTHORITY  TO
 INVESTIGATE ANY DEED TRANSFER THAT IS IN VIOLATION OF THIS SUBDIVISION.
   §  3.  Subdivision  1  of  section 14 of the banking law is amended by
 adding a new paragraph (t) to read as follows:
   (T) TO PRESCRIBE THE METHODS AND STANDARDS UNDER WHICH THE  DEPARTMENT
 SHALL  RECEIVE  AND  INVESTIGATE  CLAIMS  OF  FRAUDULENT DEED TRANSFERS,
 INCLUDING, BUT NOT LIMITED TO DEED TRANSFERS THAT ARE  IN  VIOLATION  OF
 SUBDIVISION THREE OF SECTION SIX-N OF THIS CHAPTER.
   § 4. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03255-01-3

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