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History
- Referred to judiciary
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.5
- 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 that notice of foreclosure be served upon all tenants of the building that is being foreclosed
In Assembly Committee · Judiciary · Sponsor David Gantt
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 requiring service of notice of foreclosure upon all tenants of the building to be foreclosed upon
Purpose
This bill requires that notice of foreclosure be served upon all tenants of the building that is being foreclosed.
Summary of provisions
This bill would amend Section 2 paragraph (f) of subdivision 1 of section 1405 of the real property actions and proceedings law, as added by chapter 231 of the laws of 1998, and a new paragraph (g) is added to read as follows: to any tenant residing within the mortgaged property at the time service of notice is made.
Justification
At the present time, when a mortgaged property has been or is in the process of being foreclosed, the following parties are notified: the mortgagor, the obligor on the note, bond or other obligation if other than the mortgagor. If the residing person at the fore- closed property is a tenant with none of the above titles, he or she will not receive a notice. Serving the tenant with foreclosure information allows them to prepare themselves. The tenant may have to move or at least needs to contact the new owner of the foreclosed mortgaged property for a variety of reasons. This bill would allow for the tenants to be prepared and be notified appropriately.
Legislative history
2006 Referred to Judiciary 2007 Referred to Judiciary 2008 Referred to Judiciary
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to foreclosures commenced on or after the effective date of this act.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.