Bill Text: NY A02502 | 2021-2022 | General Assembly | Amended
Bill Title: Makes the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four family dwellings.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2021-05-24 - substituted by s5785 [A02502 Detail]
Download: New_York-2021-A02502-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2502--A R. R. 82 2021-2022 Regular Sessions IN ASSEMBLY January 19, 2021 ___________ Introduced by M. of A. WEINSTEIN, TAYLOR -- read once and referred to the Committee on Judiciary -- reported and referred to the Committee on Rules -- ordered to a third reading, passed by Assembly and deliv- ered to the Senate, recalled from the Senate, vote reconsidered, bill amended, ordered reprinted, retaining its place on the special order of third reading AN ACT to amend the real property actions and proceedings law, in relation to foreclosure of residential mortgages covering one to four family dwellings 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 certain residential mortgages. 1. Any complaint served in a proceeding 6 initiated on a residential mortgage covering a one to four family dwell- 7 ing pursuant to this article [relating to a high-cost home loan or a8subprime home loan, as such terms are defined in section six-l and six-m9of the banking law, respectively,] must contain an affirmative allega- 10 tion that at the time the proceeding is commenced, the plaintiff: 11 (a) is the owner and holder of the subject mortgage and note, or has 12 been delegated the authority to institute a mortgage foreclosure action 13 by the owner and holder of the subject mortgage and note; and 14 (b) has complied with all of the provisions of section five hundred 15 ninety-five-a of the banking law and any rules and regulations promul- 16 gated thereunder, section six-l or six-m of the banking law, for loans 17 governed by those provisions, and section thirteen hundred four of this 18 article. 19 2. It shall be a defense to an action to foreclose a mortgage [for a20high-cost home loan or subprime home loan] that the terms of the home EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00013-02-1A. 2502--A 2 1 loan or the actions of the lender violate any provision of section six-l 2 or six-m of the banking law or section thirteen hundred four of this 3 article. 4 § 2. This act shall take effect on the first of January next succeed- 5 ing the date on which it shall have become a law and shall apply to 6 actions commenced on or after such date.