What's happening
This bill requires the city to notify property owners, residents, and management of significant actions before conveying foreclosed properties to third parties.
Why it matters
Increases transparency and accountability. The bill requires the city to individually notify property owners, management, and residents about any significant actions or deficiencies before transferring foreclosed properties, ensuring affected parties are fully informed and not caught off guard.
Empowers residents and stakeholders. By mandating direct notification to residents (not just owners or boards), the bill gives tenants or shareholders an opportunity to understand the risks to their homes and potentially respond or intervene before significant changes occur.
Prevents transfers without due process. Failure to meet the new notification requirements will block the city from conveying the property to a third party, adding a layer of procedural protection that could slow or halt foreclosures where due process is not followed.
Clarifies communication responsibilities. The bill establishes a clear chain of notification among owners, boards, management entities, and residents, reducing the risk of miscommunication and ensuring all stakeholders receive critical information directly.
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
Notify Residents Before Foreclosure
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
10044
IN ASSEMBLY
March 5, 2020
Introduced by M. of A. JOYNER -- read once and referred to the Committee on Judiciary
AN ACT to amend the administrative code of the city of New York, in relation to foreclosure by action in rem
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 11-404 of the administrative code of the city of New York is amended by adding a new subdivision c to read as follows:
c. (1) If the city shall intend for a property defined in subdivision b of this section to be conveyed to a third party pursuant to subdivision b of section 11-412.1 of this chapter the city or supervising agency shall first do the following to address outstanding issues with such property:
(i) Notify the owner or board of a company that owns the property, if there is one, and the property management entity, if there is one, of any and all matters that could result in a significant action; and
(ii) Notify residents, individually and separately from attempts to notify the owner or the board, that significant adverse actions against the company or its real estate are imminent and describe the deficiencies that have made such adverse actions possible.
(2) Failure to meet the requirements of this subdivision shall prevent the property from being conveyed to a third party.
(3) If an owner or board of a company that owns the property receives notice from a city or supervising agency it shall notify the property management entity and all tenants and shareholders separately from any notification by the city or supervising agency. If the property management entity receives notice, it shall notify the owner or board.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15217-05-0
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.