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
- Print number 6656a
- 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.
Relates to providing notice to a homeowner whose property is being foreclosed that they do not have to abandon the property until the conclusion of the foreclosure action
Assembly Floor Calendar · Sponsor Mickey Kearns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property actions and proceedings law, in relation to providing notice to a homeowner whose property is being foreclosed that they do not have to abandon the property until the foreclosure process is complete
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
New Bill
Fiscal 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.