Bill Text: NY S04806 | 2019-2020 | General Assembly | Introduced

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Bill Title: Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment document.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO JUDICIARY [S04806 Detail]

Download: New_York-2019-S04806-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4806
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 26, 2019
                                       ___________
        Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary
        AN ACT to amend the real property law, in relation to the recording of a
          transfer or assignment of a mortgage interest
          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  291-k to read as follows:
     3    § 291-k. Recording of transfers and assignments of mortgages; mortgage
     4  ownership assignment document. 1. A recording officer shall  not  record
     5  or accept for recording any mortgage or assignment of mortgage made by a
     6  non-natural  person affecting land in this state unless accompanied by a
     7  mortgage ownership assignment document in  a  form  prescribed  by  this
     8  section  and the fee prescribed pursuant to section eight thousand twen-
     9  ty-one of the civil practice law and rules. Such form shall be  recorded
    10  no  later than ninety days after the date of the acknowledgment or proof
    11  of such instrument.
    12    2. The form of the Mortgage Ownership Assignment Document shall be  as
    13  follows:
    14                   Mortgage Ownership Assignment Document
    15  Name of mortgagee or assignee:
    16  ________________________________________________________________________
    17  Address:
    18  ________________________________________________________________________
    19  Phone number:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00883-01-9
        S. 4806                             2
     1  ________________________________________________________________________
     2  Date that mortgage or assignment was acknowledged or proved:
     3  ________________________________________________________________________
     4  Authorized representative of mortgagee or assignee:
     5  ________________________________________________________________________
     6    3.  Failure  to  record a mortgage or assignment of mortgage made by a
     7  non-natural person affecting land in this state by the date specified in
     8  subdivision one of this section, shall subject the mortgagee or assignee
     9  who fails to comply with this section to a civil penalty of two  hundred
    10  fifty  dollars.    The penalty shall be assessed by, and payable to, the
    11  recording officer.   Penalties collected pursuant  to  this  subdivision
    12  shall be used to support recording officer operations.
    13    §  2.  This  act shall take effect on the ninetieth day after it shall
    14  have become a law and shall apply to all  mortgages  or  assignments  of
    15  mortgages executed on or after such date.