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Sponsors
No co-sponsors yet.
History
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1353
- 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.
Provides that the judgment of sale in a mortgage foreclosure action shall direct that each individual of a group purchasing the premises disclose his or her name
In Assembly Committee · Judiciary · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5228
Title of bill
An act to amend the real property actions and proceedings law, in relation to the purchase of the premises at a mortgage foreclosure sale by a group
Purpose
To require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale.
Summary of provisions
This bill amends subdivision 1 of section 1351 of the Real Property Actions and Proceedings Law to require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale,
Existing law
Currently, the RPAPL does not require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser be disclosed to the sheriff or referee conducting the sale.
Justification
In situations where real property is purchased at a foreclosure sale collectively by more than one individual, customarily, the referee conducting the sale or the attorney for the foreclosing mortgagee will ask the names of each individual purchaser. This bill would simply codify this existing practice.
Legislative history
2013-14 S.347; 2011-12 S 3148; 2009-10 S.1771; S 4850, 2007-08; S.1412, 2005-06; S 1793, 2003-04; S 3980, 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.