What's happening
This bill requires officers conducting a home sale to promptly notify homeowners in writing when their debt is fully paid.
Why it matters
Ensures transparency and closure. By mandating written notification when a homeowner’s debt is fully paid after a sale, the bill helps homeowners clearly understand their financial status and prevents confusion or disputes about lingering debt.
Protects against administrative errors. Requiring officers to formally confirm that the debt is settled reduces the risk of mistakes or miscommunication that could lead to wrongful collection attempts or negative credit reporting.
Empowers homeowners with documentation. The written notice serves as an official record that the homeowner can use for future reference, legal protection, or credit repair, strengthening their position in any post-sale financial matters.
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 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
1362
2019-2020 Regular Sessions
IN ASSEMBLY
January 15, 2019
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.
LBD06659-01-9
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.