Bill Text: NY A01371 | 2017-2018 | General Assembly | Introduced

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Bill Title: Makes the affirmative allegation provisions for high-cost loans and subprime home loans, applicable to all mortgage foreclosures.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2018-01-03 - ordered to third reading cal.96 [A01371 Detail]

Download: New_York-2017-A01371-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1371
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 11, 2017
                                       ___________
        Introduced  by  M.  of  A. WEINSTEIN, HYNDMAN, ABINANTI -- read once and
          referred to the Committee on Judiciary
        AN ACT to amend the  real  property  actions  and  proceedings  law,  in
          relation to foreclosure of mortgages
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 1302 of the real property actions  and  proceedings
     2  law,  as  amended by chapter 472 of the laws of 2008, is amended to read
     3  as follows:
     4    § 1302. Foreclosure of [high-cost home loans and subprime home  loans]
     5  mortgages.  1.   Any complaint served in a proceeding initiated pursuant
     6  to this article [relating to a high-cost home loan or  a  subprime  home
     7  loan,  as such terms are defined in section six-l and six-m of the bank-
     8  ing law, respectively,] must contain an affirmative allegation  that  at
     9  the time the proceeding is commenced, the plaintiff:
    10    (a)  is  the owner and holder of the subject mortgage and note, or has
    11  been delegated the authority to institute a mortgage foreclosure  action
    12  by the owner and holder of the subject mortgage and note; and
    13    (b)  has  complied  with all of the provisions of section five hundred
    14  ninety-five-a of the banking law and any rules and  regulations  promul-
    15  gated thereunder, section six-l or six-m of the banking law, and section
    16  thirteen hundred four of this article.
    17    2.  It  shall be a defense to an action to foreclose a mortgage [for a
    18  high-cost home loan or subprime home loan] that the terms  of  the  home
    19  loan or the actions of the lender violate any provision of section six-l
    20  or  six-m  of  the  banking law or section thirteen hundred four of this
    21  article.
    22    § 2. This act shall take effect on the first of January next  succeed-
    23  ing  the  date  on  which  it shall have become a law and shall apply to
    24  actions commenced on or after such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02864-01-7