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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S5536
Title of bill
An act to amend the tax law, in relation to facilitating mortgage refi- nancing
Summary of provisions
Section 1 - Paragraph (c) of subdivision 1 of section 255 of the tax law is relettered paragraph (d) and a new paragraph (c) is added.
Section 2 - Amends subdivision 2 of section 255 of the tax law, as amended by chapter 409 of the laws of 1986.
Justification
This bill would both streamline and create uniformed standards for refi- nancing of mortgages. It would do so by using the payoff statement provided by the lender as proof of the remaining balance to be refi- nanced. Using this statement would alleviate the current requirements of the lendee to provide other payoff documentation which in some instances can prove to be an extremely onerous process. When necessary any personal information can be readapted from the letter.
Legislative history
New bill
Fiscal implications
None
Effective date
This act shall take effect on the ninetieth 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.