What's happening
This bill redefines "residence" and "residential real property" to include all one- to four-family dwellings, removing the requirement that the seller occupy the property as a primary residence.
Why it matters
Expands consumer protections or regulations. (such as those related to foreclosure or predatory lending) to cover more properties, including those not owner-occupied, potentially affecting investment properties and rentals.
May impact real estate transactions. by including all one- to four-family homes, not just those where the seller lives, possibly increasing disclosure or compliance requirements for more sellers and buyers.
Could influence landlords and small-scale investors. , who own residential properties but do not live in them, making them subject to rules previously only applying to primary residences.
Addresses gaps in current law. where properties sold by non-occupant owners were not covered, possibly reducing loopholes or abuses in property sales involving vulnerable sellers.
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Who cares
Headline styles
Broaden Home Definition Law
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to banks
- Referred to banks
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.
Redefine Residential Property Rules
In Senate Committee · Judiciary · Sponsor José Peralta
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1688
2017-2018 Regular Sessions
IN ASSEMBLY
January 12, 2017
Introduced by M. of A. MOSLEY -- read once and referred to the Committee on Banks
AN ACT to amend the real property law, in relation to the definition of residence and residential real property
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (k) of subdivision 2 of section 265-a of the real property law, as added by chapter 308 of the laws of 2006, is amended to read as follows:
(k) "Residence" and "residential real property" means residential real property consisting of one- to four-family dwelling units[, one of which the equity seller occupies or occupied at a time immediately prior to the equity sale as his or her primary residence].
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04037-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.