 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9554
 
                   IN ASSEMBLY
 
                                    January 14, 2026
                                       ___________
 
        Introduced  by M. of A. MEEKS -- read once and referred to the Committee
          on Banks
 
        AN ACT to amend the banking law,  in  relation  to  enacting  the  "deed
          protection act"
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "deed protection act".
     3    § 2. The banking law is amended by adding a new section 6-q to read as
     4  follows:
     5    §  6-q.  Loans  obtained by deed theft. No financial institution shall
     6  take possession of any property based on the failure to repay  any  loan
     7  provided  by  such  financial institution for such property if such loan
     8  was provided to a person who obtained the title to such property by deed
     9  theft, and such financial institution failed to conduct  reasonable  due
    10  diligence  to  determine  whether such person obtained the title to such
    11  property by deed theft prior to providing such loan to such person.
    12    § 3. This act shall take effect immediately.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14344-02-6
Enacts the "deed protection act"

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