What's happening
This bill requires non-individual plaintiffs in residential mortgage foreclosure actions to notify the municipal clerk within five days of filing notice of pendency.
Why it matters
Increases local government awareness. By requiring non-individual (e.g., banks, LLCs) foreclosure plaintiffs to notify the municipal clerk, the bill ensures that local officials are promptly informed when a foreclosure action is initiated in their jurisdiction.
Enables proactive municipal response. Early notification gives municipalities the chance to track at-risk properties, potentially allowing them to intervene or prepare for the effects of foreclosure, such as property neglect, code violations, or impacts on neighborhood stability.
Improves transparency for communities. Residents and local organizations may benefit from this information being on record at the municipal level, helping communities stay informed about potential property changes and enabling advocacy or assistance for affected homeowners.
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Who cares
Headline styles
Notify Towns of Foreclosures
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
1725
2019-2020 Regular Sessions
IN ASSEMBLY
January 16, 2019
Introduced by M. of A. MAGNARELLI -- read once and referred to the Committee on Judiciary
AN ACT to amend the real property actions and proceedings law, in relation to required notices in a residential mortgage foreclosure action
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 1303 of the real property actions and proceedings law is amended by adding a new subdivision 8 to read as follows:
8. If the plaintiff in a residential mortgage foreclosure action is other than a natural person, the plaintiff shall notify the municipal clerk of the municipality in which the real property is located within five calendar days of the filing of the notice of pendency for the foreclosure action.
§ 2. This act shall take effect on the sixtieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00206-01-9
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.