Bill Text: NY A08040 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 8040 (Prior Session Legislation)

Introduced

Bill Title: Prohibits mortgagee from refusing to accept partial mortgage payments.

Sponsorship: Partisan Bill (Democrat 12)

Status: (Introduced - Dead) 2012-01-04 - referred to judiciary [A08040 Detail]

Download: New_York-2011-A08040-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8040
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 27, 2011
                                      ___________
       Introduced  by  M.  of  A.  STEVENSON  -- Multi-Sponsored by -- M. of A.
         COLTON, COOK, HOOPER, JAFFEE, V. LOPEZ,  M. MILLER,  MOYA,  P. RIVERA,
         ROBINSON, ROSENTHAL, WEPRIN -- read once and referred to the Committee
         on Banks
       AN  ACT to amend the real property law, in relation to prohibiting mort-
         gagee from refusing to accept partial mortgage payments
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  real property law is amended by adding a new section
    2  254-e to read as follows:
    3    S 254-E. REFUSAL BY MORTGAGEE TO ACCEPT PARTIAL MORTGAGE PAYMENTS.  1.
    4  NO  MORTGAGEE  SHALL  REFUSE  TO  ACCEPT  A PARTIAL PAYMENT OF AN ENTIRE
    5  AMOUNT DUE FROM A MORTGAGOR WHICH DOES NOT BRING THE  MORTGAGOR  CURRENT
    6  ON HIS OR HER MORTGAGE DEBT.
    7    2.  THE PROVISIONS OF THIS SECTION SHALL NOT BAR ANY OTHER CONTRACTUAL
    8  OR STATUTORY RIGHTS OR REMEDIES AVAILABLE TO A MORTGAGOR.
    9    S 2. This act shall take effect on the thirtieth day  after  it  shall
   10  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11107-01-1