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Sponsors
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History
- Referred to housing, construction and community development
- Print number 3149a
- Amend and recommit to housing, construction and community development
- Referred to housing, construction and community development
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.
Provides that the judgment of sale in a mortgage foreclosure action shall direct that payment by the purchaser be made by means of a bank officer's check
In Assembly Committee · Judiciary · Sponsor Rory Lancman
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3149A
Purpose
To require the payment of the purchase price at a mortgage foreclosure sale by bank or credit union check or certified check.
Summary of provisions
This bill (the "Bill") amends subdivision 1 of section 1351 of the Real Actions and Proceedings Law (the "RPAPL") to require the purchaser of real property a foreclosure sale to make payment by either bank check or certified check.
Existing law
Currently, the RPAPL does not require the purchaser of real property a foreclosure sale to make payment by either bank or credit union check or certified check.
JUSTIFICATION Customarily, the terms of sale will dictate the form of payment for a purchaser of real property a foreclosure sale. Often a bank or credit union check or certified check is required by the terms. This bill would simply codify this existing practice.
Legislative history
S,2009-10, S.1770; S.4851, 2007-08; S.1413, 2005-06; S.1846, 2003-04; S.3961, 2001-02.
Fiscal implications
None.
Local fiscal implications
None.
Effective date
This Act shall take effect on the 30th day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.