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
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- Referred to codes
- Referred to rules
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.
Relates to procedure and evidence at mandatory settlement conferences in residential foreclosure actions and requires good faith settlement discussions
In Assembly Committee · Judiciary · Sponsor Darryl Towns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the civil practice law and rules, in relation to mandatory settlement conferences in residential foreclosure actions and requiring good faith settlement discussions in connection with such foreclosure actions
Purpose or general idea of bill
This bill would require both mortgagor and mortgagee to make good faith efforts to reach a mutually agreeable resolution that at a minimum, follow the guidelines of the United States Department of Treasury Home Affordable Modification Program.
Summary of specific provisions
This bill would add a good faith standard to be applied to negotiations between parties in a foreclosure action settlement conference, which does not presently exist.
Effects of present law which this bill would alter
Section 1(a) of rule 3408 of the Civil Practice Law and Rules was added by Chapter 472 of the Laws of 2008.
Justification
In 2008, the Legislature enacted the New York Responsible Lending Act, which became Chapter 472 of the Laws of2008. This statute required mandatory settlement conferences for loan modifications in order to encourage resolution of foreclosure actions and keep mortgagors in their homes. While the settlements have been successful, not-for-profit housing counselors and attorneys have indicated that a stronger and clearer standard would benefit the goal of settlement conferences.
Prior legislative history
This is a new bill.
Fiscal implications for state and local governments
This bill will not have an impact on state finances.
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.