Bill Text: NY A02654 | 2017-2018 | General Assembly | Introduced
Bill Title: Requires a certain statement, to be printed in at least ten point bold type and included in all oil, gas or mineral leases which notifies the lessee of the potential effects of such lease.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2018-01-03 - referred to judiciary [A02654 Detail]
Download: New_York-2017-A02654-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2654 2017-2018 Regular Sessions IN ASSEMBLY January 20, 2017 ___________ Introduced by M. of A. LIFTON, JAFFEE, ROSENTHAL, ENGLEBRIGHT, ABINANTI, TITONE -- Multi-Sponsored by -- M. of A. DINOWITZ, GLICK, GOTTFRIED -- read once and referred to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to requiring a certain statement to be included in all oil, gas or mineral leases The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 5-333 of the general obligations law is amended by 2 adding a new subdivision 5-a to read as follows: 3 5-a. On or after January first, two thousand eighteen, any oil, gas or 4 mineral lease shall contain the following statement printed in at least 5 ten point bold type: 6 EXECUTION OF A VALID OIL, GAS OR MINERAL LEASE MAY IN SOME SITUATIONS, 7 PREVENT YOUR PROPERTY FROM BEING ELIGIBLE FOR TITLE INSURANCE, OR 8 PREVENT LENDING INSTITUTIONS FROM BEING ABLE TO ISSUE A MORTGAGE ON 9 LEASED PROPERTY, OR NEIGHBORING PROPERTY, THEREBY, IN ALL LIKELIHOOD, 10 LOWERING THE OVERALL VALUE OF YOUR HOME AND LAND. 11 § 2. This act shall take effect immediately, and shall apply to all 12 agreements, leases and contracts entered into, issued, renewed, 13 extended, altered or modified on or after such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07916-01-7