What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
18 Co-sponsors
History
- Recommit, enacting clause stricken
- Referred to judiciary
- Returned to senate
- Died in assembly
- Referred to judiciary
- Delivered to assembly
- Passed senateVote 47–11
- Advanced to third reading
- 2nd report cal.
- 1st report cal.18
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires prevailing party in foreclosure action to maintain property in safe and habitable condition
Stricken · Sponsor Mike Spano
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general obligations law, in relation to conditions on real property
Purpose
Requires prevailing party in foreclosure action to maintain property in safe and habitable condition.
Summary of provisions
Adds a new section 9-102 to the general obligations law imposing a duty to keep property in a mortgage foreclosure action in a safe and habitable condition from the time that the mortgage holder recovers possession of the property until it is sold, occupied by a renter or otherwise legally disposed of. Gives the municipality in which the property is located and any homeowners association whose rules and regulations govern the premises the right to civilly enforce this duty.
Justification
Sub-prime mortgages offered by unscrupulous real estate brokers and predatory lenders continue to threaten the fabric of homeownership in New York State. The impact of the resulting foreclosures is rapidly becoming a crisis for entire communities as vacant properties cause increased fire hazards, facilitate criminal activity, and depress surrounding property values.
Because foreclosed properties can sit vacant for many months, possibly even years, requiring a responsible party to maintain them is essential to mitigating the detrimental effects of the sub-prime foreclosure crisis. When a home is lost to foreclosure, the vacant property creates a spillover effect on the surrounding community, including a measurable decline in property values on nearby homes. Allowing the foreclosed property to fall into disrepair only exacerbates that effect and further saps the economic vitality of our communities.
A January 2008 study conducted the Center for Responsible Lending (CRL), estimated that a residential mortgage foreclosure lowers the price of other nearby single-family homes, on average, by 0.9 percent and the downward pressure on housing prices persists to houses that are sold up to two years after the foreclosure.
Legislative history
S.7028 of 2008 - REFERRED TO JUDICIARY
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.