What's happening
This bill requires officers conducting home sales to promptly notify homeowners in writing when their debt is paid in full after a sale.
Why it matters
Provides clear, written confirmation. to homeowners that their debt has been fully satisfied after a home sale, helping to prevent misunderstandings or disputes about remaining balances.
Addresses transparency and accountability. in foreclosure or forced sale processes, ensuring that homeowners are officially notified when their financial obligations are complete.
Reduces risk of further collection attempts or legal confusion. by requiring timely notification, which can protect homeowners from unnecessary stress, additional fees, or credit issues related to unresolved debt status.
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Who cares
Headline styles
Notify Homeowners After Debt Paid
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- Referred to judiciary
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2614
2017-2018 Regular Sessions
IN ASSEMBLY
January 20, 2017
Introduced by M. of A. PERRY -- read once and referred to the Committee on Judiciary
AN ACT to amend the real property actions and proceedings law, in relation to an officer's notification of a homeowner's balance after a debt is paid in full
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 4 of section 1354 of the real property actions and proceedings law, as renumbered by chapter 309 of the laws of 1996, is renumbered subdivision 5 and a new subdivision 4 is added to read as follows:
4. An officer conducting a sale shall notify, in a timely manner, a homeowner in writing of a balance due to such homeowner after the sale of the homeowner's home. Such officer shall state in such written notice in clearly understood language that the debt is paid in full.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08111-01-7
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.