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Who cares
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Sponsors
2 Co-sponsors
History
- Referred 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.
Requires a plaintiff in a mortgage foreclosure action to maintain the subject property in good faith
In Assembly Committee · Judiciary · Sponsor Sean Ryan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1779
Title of bill
An act to amend the real property actions and proceedings law, in relation to requiring a plaintiff in a mortgage foreclosure action to maintain the subject property in good faith
Purpose
To require plaintiffs in mortgage foreclosure actions to Act in good faith at the commencement of a foreclosure action and throughout the foreclosure process
Summary of provisions
Section 1307 of the real property, actions and proceedings law is amended to require plaintiffs from the commencement of foreclosure proceedings to obtain a mortgage foreclosure in 'good faith' and defines 'good faith' as honesty in fact and the observance of reasonable standards of fair dealing.
Justification
Due to New York State's struggling financial situation a financial crisis emerged causing citizens to fall behind on their mortgages and in many instances leave or abandon their homes. In some instances the foreclosing institution will commence the process but not follow through or delay taking control of the property which in some instances can cause the property to become unmaintained and blighted in the surrounding neighborhoods. This law would obligate mortgage foreclosure plaintiffs to act in good faith when it commences a foreclosure and throughout the foreclosure process. Financial institutions cannot delay in taking action in controlling and providing upkeep on the vacant dwelling itself.
Legislative history
2013-2014: S.4055 -Referred to Housing Construction and Community Development
Fiscal & local implications
None.
Effective date
Immediately after the bill has become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.