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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Committed to rules
- Amended on third reading 1944a
- Advanced to third reading
- 2nd report cal.
- 1st report cal.247
- Referred to judiciary
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property actions and proceedings law, in relation to designating a party to accept service in the event a property becomes vacant during the foreclosure process
Purpose
Enactment of this legislation would require a lender who starts a foreclosure proceeding to designate a party that will be responsible for accepting service of any court actions if the property becomes vacant during the foreclosure process.
Summary of provisions
Section 1 amends the real property and proceedings law by adding a new section 1305 requiring that an agent be designated prior to the initiation of a foreclosure. Further states that such designation shall be filed in the county clerk's office and shall include the address at which such designated agent will accept service, which must be located within the county where such filing takes place. This filing shall remain in effect for a period of three years.
Existing law
Under current law there are no designations for service, and service is generally assumed to be accepted by the legal representative of the foreclosing entity.
Justification
This would provide a municipal agency or other entity with an avenue to serve a lender who intends to foreclose on a property. There is presently no statute written designating an agent to be served, and therefore once the subject property becomes vacant during the foreclosure process, an agent will have been designated by the lending authority to be served during this process.
In the past, it was assumed that the legal representative of the lending entity would be the agent for service. This would provide a clear, concise way to serve process on the foreclosing authority. This legislation was recommended by the Mayor's Anti-Flipping Task Force in Buffalo, New York in an effort to reduce the number of vacant properties in the city and to establish responsibility for repairs and maintenance.
Legislative history
New bill - 2008 - Referred to Judiciary.
Fiscal implications
None to New York State.
Local fiscal implications
None.
Effective date
This act shall take effect the sixtieth day after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.