Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to housing, construction and community development |
Jun 01, 2023 |
print number 5829a |
Jun 01, 2023 |
amend and recommit to housing, construction and community development |
Mar 17, 2023 |
referred to housing, construction and community development |
Senate Bill S5829A
2023-2024 Legislative Session
Sponsored By
(D, WF) 18th Senate District
Current Bill Status - In Senate Committee Housing, Construction And Community Development 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
Actions
Bill Amendments
co-Sponsors
(D) 10th Senate District
(D, WF) 25th Senate District
(D) 14th Senate District
(D, WF) 59th Senate District
2023-S5829 - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Real Property Actions and Proceedings Law
- Laws Affected:
- Amd §1304, RPAP L
2023-S5829 - Sponsor Memo
BILL NUMBER: S5829 SPONSOR: SALAZAR TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to notices required prior to mortgage foreclosure PURPOSE AND INTENT OF BILL: There is an ongoing problem of homeowners not receiving accurate infor- mation regarding their potential options to avoid foreclosure. This is addressed in RPAPL § 1304, however mortgage lenders and loan servicers regularly dilute the impact of this important notice requirement by augmenting the statutory text with boilerplate language regarding, for instance, ancillary rights. These unauthorized additions to this care- fully-crafted legislatively mandated notice distract homeowners and increase the chances of a homeowner disregarding the notice as yet another dunning letter. Accordingly, this remedial bill amends RPAPL § 1304 to overturn a recent court decision to ensure that important homeowner protection laws of this state apply equally to all litigants, including those currently
2023-S5829 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5829 2023-2024 Regular Sessions I N S E N A T E March 17, 2023 ___________ Introduced by Sen. SALAZAR -- 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 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
co-Sponsors
(D) 10th Senate District
(D) 36th Senate District
(D, WF) 25th Senate District
(D) 14th Senate District
2023-S5829A (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Real Property Actions and Proceedings Law
- Laws Affected:
- Amd §1304, RPAP L
2023-S5829A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5829A SPONSOR: SALAZAR TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to notices required prior to mortgage foreclosure PURPOSE AND INTENT OF BILL: There is an ongoing problem with homeowners and borrowers receiving accurate information regarding their potential options to avoid foreclo- sure, which RPAPL § 1304 addresses. However, contrary to the intent of the legislature, mortgage lenders and loan servicers regularly dilute the impact of this important notice by augmenting the statutory text with boilerplate language regarding, for instance, ancillary rights. These unauthorized additions to the carefully crafted statutory notice distract homeowners and borrowers and increase the likelihood that they will disregard the notice as yet another dunning letter. Persistent concerns exist in this area of law regarding a disconnect between the legislative intent and judicial interpretations. From the Great Recession until the present, all but one of the fifteen cases
2023-S5829A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5829--A 2023-2024 Regular Sessions I N S E N A T E March 17, 2023 ___________ Introduced by Sens. SALAZAR, SANDERS, BRISPORT, COMRIE, GONZALEZ, GOUNARDES, RAMOS -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Communi- ty Development -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09739-02-3
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