 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           909
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 11, 2023
                                       ___________
 
        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  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  11-404 of the administrative code of the city of
     2  New York is amended by adding a new subdivision c to read as follows:
     3    c. (1) If the city shall intend for a property defined in  subdivision
     4  b  of  this section to be conveyed to a third party pursuant to subdivi-
     5  sion b of section 11-412.1 of this chapter the city or supervising agen-
     6  cy shall first do the following to address outstanding issues with  such
     7  property:
     8    (i)  Notify the owner or board of a company that owns the property, if
     9  there is one, and the property management entity, if there  is  one,  of
    10  any and all matters that could result in a significant action; and
    11    (ii)  Notify  residents,  individually and separately from attempts to
    12  notify the owner or the board, that significant adverse actions  against
    13  the  company  or its real estate are imminent and describe the deficien-
    14  cies that have made such adverse actions possible.
    15    (2) Failure to meet the requirements of this subdivision shall prevent
    16  the property from being conveyed to a third party.
    17    (3) If an owner or board of a company that owns the property  receives
    18  notice  from  a  city or supervising agency it shall notify the property
    19  management entity and all tenants and shareholders separately  from  any
    20  notification  by the city or supervising agency. If the property manage-
    21  ment entity receives notice, it shall notify the owner or board.
    22    § 2. This act shall take effect on the ninetieth day  after  it  shall
    23  have become a law.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00654-01-3
Relates to foreclosure by action in rem

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