Bill Text: NY A05880 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to the definition of residence and residential real property.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to banks [A05880 Detail]

Download: New_York-2019-A05880-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5880
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 20, 2019
                                       ___________
        Introduced by M. of A. MOSLEY -- read once and referred to the Committee
          on Banks
        AN  ACT to amend the real property law, in relation to the definition of
          residence and residential real property
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph (k) of subdivision 2 of section 265-a of the real
     2  property law, as added by chapter 308 of the laws of 2006, is amended to
     3  read as follows:
     4    (k) "Residence" and "residential real property" means residential real
     5  property consisting of one- to four-family dwelling units[, one of which
     6  the  equity  seller  occupies or occupied at a time immediately prior to
     7  the equity sale as his or her primary residence].
     8    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05791-01-9