senate Bill S564A

2023-2024 Legislative Session

Relates to mortgage loan servicers

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 18, 2023 referred to banks
delivered to assembly
passed senate
Jan 17, 2023 ordered to third reading cal.74
reported and committed to rules
Jan 12, 2023 print number 564a
Jan 12, 2023 amend and recommit to banks
Jan 05, 2023 referred to banks

Votes

view votes

Jan 17, 2023 - Banks committee Vote

S564A
5
2
committee
5
Aye
2
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: Jan 17, 2023

nay (2)

Jan 17, 2023 - Rules committee Vote

S564A
13
7
committee
13
Aye
7
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

view additional co-sponsors

S564 - Details

See Assembly Version of this Bill:
A2131
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-b, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8789, A10851
2021-2022: S2143, A2428

S564 - Summary

Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in his or her own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages (view more) makes related provisions.

S564 - Sponsor Memo

S564 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    564
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens.  KAVANAGH, ADDABBO, BRISPORT, JACKSON, MAY, MYRIE,
   RAMOS, SANDERS -- read twice and ordered printed, and when printed  to
   be committed to the Committee on Banks
 
 AN ACT to amend the banking law, in relation to mortgage loan servicers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 595-b of the banking law is amended by  adding  two
 new subdivisions 3 and 4 to read as follows:
   3.  ACTIONS AND DAMAGES. (A) ANY PERSON WHO HAS BEEN INJURED BY REASON
 OF ANY VIOLATION OF ANY SUCH  RULES,  REGULATIONS  OR  POLICIES  AS  THE
 SUPERINTENDENT  MAY  PROMULGATE TO EFFECTUATE THE PURPOSES OF THIS ARTI-
 CLE, INCLUDING BUT NOT LIMITED  TO  3  NYCRR  419  OR  ANY  SUBSEQUENTLY
 PROMULGATED MORTGAGE SERVICING RULES PURSUANT TO THIS SUBDIVISION, MAY:
   (I) BRING AN ACTION IN HIS OR HER OWN NAME;
   (II) ASSERT A COUNTERCLAIM; OR
   (III)  IF  AN ACTION IS COMMENCED BY THE MORTGAGEE OR ANYONE ACTING ON
 ITS BEHALF, BRING A THIRD PARTY  CLAIM,  AGAINST  EITHER  THE  MORTGAGEE
 AND/OR THE MORTGAGE SERVICER TO ENJOIN ANY VIOLATIONS THEREOF.
   (B) THE PERSON INJURED PURSUANT TO THIS SECTION:
   (I)  MAY  RECOVER  STATUTORY  DAMAGES  OF  ONE  THOUSAND  DOLLARS  PER
 VIOLATION;
   (II) MAY RECOVER TREBLE ACTUAL DAMAGES; AND
   (III) IF AWARDED DAMAGES OR INJUNCTIVE RELIEF, SHALL ALSO BE  ENTITLED
 TO  RECOVER  COSTS AND EXPENSES, INCLUDING BUT NOT LIMITED TO REASONABLE
 ATTORNEYS' FEES.
   (C) THE MORTGAGEE AND THE  MORTGAGE  SERVICER  SHALL  BE  JOINTLY  AND
 SEVERALLY  LIABLE  FOR  ANY  RECOVERIES  BY  AN INJURED MORTGAGOR IN ANY
 ACTION BROUGHT PURSUANT TO THIS SUBDIVISION.
   4. COMPLIANCE WITH RULES, REGULATIONS OR POLICIES. COMPLIANCE WITH ANY
 SUCH RULES, REGULATIONS OR POLICIES AS THE SUPERINTENDENT MAY PROMULGATE
 TO EFFECTUATE THE PURPOSES OF THIS ARTICLE, INCLUDING BUT NOT LIMITED TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00882-01-3

Co-Sponsors

view additional co-sponsors

S564A (ACTIVE) - Details

See Assembly Version of this Bill:
A2131
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-b, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8789, A10851
2021-2022: S2143, A2428

S564A (ACTIVE) - Summary

Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in his or her own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages (view more) makes related provisions.

S564A (ACTIVE) - Sponsor Memo

S564A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  564--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 5, 2023
                                ___________
 
 Introduced  by  Sens.  KAVANAGH, ADDABBO, BRISPORT, JACKSON, MAY, MYRIE,
   RAMOS, SANDERS -- read twice and ordered printed, and when printed  to
   be  committed  to the Committee on Banks -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee

 AN ACT to amend the banking law, in relation to mortgage loan servicers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 595-b of the banking law is amended by  adding  two
 new subdivisions 3 and 4 to read as follows:
   3.  ACTIONS AND DAMAGES. (A) ANY PERSON WHO HAS BEEN INJURED BY REASON
 OF ANY VIOLATION OF ANY SUCH  RULES,  REGULATIONS  OR  POLICIES  AS  THE
 SUPERINTENDENT  MAY  PROMULGATE TO EFFECTUATE THE PURPOSES OF THIS ARTI-
 CLE, INCLUDING BUT NOT LIMITED  TO  3  NYCRR  419  OR  ANY  SUBSEQUENTLY
 PROMULGATED MORTGAGE SERVICING RULES PURSUANT TO THIS SUBDIVISION, MAY:
   (I) BRING AN ACTION IN HIS OR HER OWN NAME;
   (II) ASSERT A COUNTERCLAIM; OR
   (III)  IF  AN ACTION IS COMMENCED BY THE MORTGAGEE OR ANYONE ACTING ON
 ITS BEHALF, BRING A THIRD PARTY  CLAIM,  AGAINST  EITHER  THE  MORTGAGEE
 AND/OR THE MORTGAGE SERVICER TO ENJOIN ANY VIOLATIONS THEREOF.
   (B) THE PERSON INJURED PURSUANT TO THIS SECTION:
   (I)  MAY  RECOVER  STATUTORY  DAMAGES  OF  ONE  THOUSAND  DOLLARS  PER
 VIOLATION;
   (II) MAY RECOVER TREBLE ACTUAL DAMAGES; AND
   (III) IF AWARDED DAMAGES OR INJUNCTIVE RELIEF, SHALL ALSO BE  ENTITLED
 TO  RECOVER  COSTS AND EXPENSES, INCLUDING BUT NOT LIMITED TO REASONABLE
 ATTORNEYS' FEES.
   (C) THE MORTGAGEE AND THE  MORTGAGE  SERVICER  SHALL  BE  JOINTLY  AND
 SEVERALLY  LIABLE  FOR  ANY  RECOVERIES  BY  AN INJURED MORTGAGOR IN ANY
 ACTION BROUGHT PURSUANT TO THIS SUBDIVISION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00882-03-3
 S. 564--A                           2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.