Bill Text: NY S01425 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides for the appointment of foreclosure receivers and managing agents in cities having a population of one million or more.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S01425 Detail]

Download: New_York-2015-S01425-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1425
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 12, 2015
                                      ___________
       Introduced by Sens. RIVERA, ESPAILLAT -- read twice and ordered printed,
         and  when  printed  to  be  committed  to  the  Committee  on Housing,
         Construction and Community Development
       AN ACT to amend the  real  property  actions  and  proceedings  law,  in
         relation  to  the  appointment  of receivers in actions to foreclose a
         mortgage
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Subdivision 1 of section 1325 of the real property actions
    2  and proceedings law, as added by chapter 312 of the  laws  of  1962,  is
    3  amended to read as follows:
    4    1. (A) Where the action is for the foreclosure of a mortgage providing
    5  that  a receiver may be appointed without notice, notice of a motion for
    6  such appointment shall not be required.
    7    (B) IN A CITY WITH A POPULATION OF ONE MILLION  OR  MORE,  THE  AGENCY
    8  HAVING  JURISDICTION FOR ADMINISTERING AND ENFORCING THE LAWS, RULES AND
    9  REGULATIONS RELATING TO THE OPERATION, REPAIR OR MAINTENANCE OF RESIDEN-
   10  TIAL REAL PROPERTY MAY SUBMIT TO THE CHIEF ADMINISTRATIVE JUDGE  OF  THE
   11  SUPREME  COURT A LIST OF PERSONS SUCH AGENCY HAS DETERMINED TO BE QUALI-
   12  FIED TO BE APPOINTED AS A RECEIVER OR AS A MANAGING AGENT.   WHERE  SUCH
   13  AGENCY  SUBMITS  SUCH  LIST TO THE CHIEF ADMINISTRATIVE JUDGE, THE COURT
   14  MAY ONLY APPOINT A RECEIVER WHOSE NAME APPEARS ON SUCH  LIST,  AND  SUCH
   15  RECEIVER  MAY  ONLY  APPOINT A MANAGING AGENT WHOSE NAME APPEARS ON SUCH
   16  LIST.
   17    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05845-01-5