Bill Text: NY A05023 | 2021-2022 | General Assembly | Introduced

New York Assembly Bill 5023 (Prior Session Legislation)

Introduced

Bill Title: Requires mortgage investing institutions or their contracted vendors to be financially responsible for any interest or penalties charged as a result of an erroneous mortgage registration filed by such institution or vendor.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2022-05-10 - held for consideration in banks [A05023 Detail]

Download: New_York-2021-A05023-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          5023

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    February 10, 2021
                                       ___________

        Introduced  by  M. of A. MONTESANO, McDONOUGH, SAYEGH -- Multi-Sponsored
          by -- M. of A.   DiPIETRO, THIELE -- read once  and  referred  to  the
          Committee on Banks

        AN  ACT  to  amend  the  real property tax law, in relation to requiring
          mortgage investing institutions or  their  contracted  vendors  to  be
          financially  responsible  for  any  interest or penalties charged as a
          result of an erroneous mortgage registration filed by such institution
          or vendor

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  953  of  the real property tax law is amended by
     2  adding a new subdivision 8-b to read as follows:
     3    8-b. Any mortgage investing institution or its contracted vendor which
     4  does not comply with the provisions of subdivision eight of this section
     5  when a mortgage investing institution or its contracted vendor  files  a
     6  registration  of  mortgage  with  the  collecting  officer for an escrow
     7  amount relative to a taxable parcel and that registration proves  to  be
     8  erroneous,  the  mortgage investing institution or its contracted vendor
     9  shall be financially responsible for interest  or  penalties  charged  a
    10  property  owner  by a taxing municipality, county, and/or delinquent tax
    11  enforcement agency for non-payment or  late  payment  of  real  property
    12  taxes due to the erroneous registration.
    13    § 2. This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08503-01-1