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S4049Senate2017-2018 SessionSame asA4291

Disclose Foreclosure Buyer Names

Official title

“Provides that the judgment of sale in a mortgage foreclosure action shall direct that each individual of a group purchasing the premises disclose his or her name”

Sponsor Kenneth P. LaValleSD-1Affects Housing
Status
In Senate Committee
Housing, Construction And Community Development
Impact
3/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Housing, Construction And Community Development

What's happening

This bill requires that all individual names be disclosed in writing when a group purchases property at a mortgage foreclosure sale.

Why it matters

  1. Increases transparency in foreclosure sales. by ensuring that when a group of individuals buys a property, every member’s name must be disclosed in writing to the sheriff or referee, reducing the ability for anonymous or concealed ownership.

  2. Makes it harder for investors or entities to hide behind group names or shell structures. during foreclosure auctions, which can help communities and authorities track who is acquiring foreclosed properties and potentially hold them accountable.

  3. May deter fraudulent or collusive bidding practices. by requiring full disclosure of all individuals involved in group purchases, thus promoting fairer sales and safeguarding the integrity of the foreclosure process.

  4. Empowers local governments and residents. with more information about property ownership transitions, which could be important for neighborhood stability, code enforcement, and preventing absentee or exploitative ownership.

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Who cares

Headline styles

Disclose Foreclosure Buyer Names

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Kenneth P. LaValle

Senator · Senate District 1

Chair, Higher Education

No co-sponsors yet.

History

  1. Referred to housing, construction and community development
  2. Committed to rules
  3. Advanced to third reading
  4. 2nd report cal.
  5. 1st report cal.416
  6. 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.

A4291Assembly

Disclose Buyers in Foreclosures

In Assembly Committee · Judiciary · Sponsor Fred Thiele

Impact 3 · Low0% to pass

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.

Sponsor's memo

Title of bill

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

Purpose

To require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale.

Summary of provisions

This bill amends subdivision 1 of section 1351 of the Real Property Actions and Proceedings Law to require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale.

Existing law

Currently, the RPAPL does not require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser be disclosed to the sheriff or referee conducting the sale.

Justification

In situations where real property is purchased at a foreclosure sale collectively by more than one individual, customarily, the referee conducting the sale or the attorney for the foreclosing mortgagee will ask the names of each individual purchaser. This bill would simply codify this existing practice.

Legislative history

2015-16:S.5228/A.8677 2013-14:S.347/A.7154 2011-12:S 3148/A.6745 2009-10:S.1771 2007-08:S.4850 2005-06:S.1412/A.2623 2003-04:S.1793/A.4109 2001-02:S.3980/A.7632

Fiscal implications

None.

Local fiscal implications

None.

Effective date

This act shall take effect on the 30th 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.