What's happening
This bill requires that, at a mortgage foreclosure sale, the names of all individuals purchasing a property collectively must be disclosed.
Why it matters
Increases transparency at foreclosure sales. by requiring disclosure of all individual buyers’ names when a group makes a collective purchase, making it harder for parties to hide behind anonymous entities.
Aims to prevent fraudulent or collusive practices. by ensuring that the true identities of all purchasers are on record, which could help authorities and affected parties identify conflicts of interest or improper bidding behavior.
May impact investment and acquisition strategies. for groups or investment firms that commonly purchase foreclosed properties together, as individual members can no longer remain anonymous in official sale records.
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Who cares
Headline styles
Disclose Buyers in Foreclosures
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- Referred to judiciary
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.
Disclose Foreclosure Buyer Names
In Senate Committee · Housing, Construction And Community Development · Sponsor Kenneth P. LaValle
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
S. 4049 A. 4291
2017-2018 Regular Sessions
SENATE - ASSEMBLY
February 2, 2017
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Judiciary
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 1351 of the real property actions and proceedings law, as amended by section 8 of part Q of chapter 73 of the laws of 2016, is amended to read as follows:
1. The judgment shall direct that the mortgaged premises, or so much thereof as may be sufficient to discharge the mortgage debt, the expenses of the sale and the costs of the action, and which may be sold separately without material injury to the parties interested, be sold by or under the direction of the sheriff of the county, or a referee within ninety days of the date of the judgment. The judgment shall direct that in the event such premises is purchased collectively by more than one individual, the names of each individual purchaser shall be disclosed in writing to such sheriff or referee.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04110-01-7
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.