Bill Text: NY S07434 | 2015-2016 | General Assembly | Introduced
Bill Title: Directs the department of financial services to establish an electronic database of residential real property that was foreclosed upon, and is vacant or abandoned but occupied by tenants; grants municipalities, the department of law and certain non-governmental entities access to such database for the purposes of enforcing the duty to maintain foreclosed property.
Sponsorship: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2016-05-11 - REPORTED AND COMMITTED TO FINANCE [S07434 Detail]
Download: New_York-2015-S07434-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7434 IN SENATE April 29, 2016 ___________ Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to establishing a statewide electronic database of foreclosed residential real property; and to amend the real property actions and proceedings law, in relation to authorizing the attorney general to enforce the duty to maintain fore- closed property The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The banking law is amended by adding a new section 37-b to 2 read as follows: 3 § 37-b. Statewide electronic database; foreclosed residential real 4 property. 1. Where a mortgagee or its agent has obtained a judgment of 5 foreclosure and sale pursuant to section thirteen hundred fifty-one of 6 the real property actions and proceedings law, involving residential 7 real property, as defined in section thirteen hundred five of such law, 8 that is or has become vacant, or has been abandoned by the mortgagor but 9 occupied by a tenant, shall provide written notice thereof to the 10 department, in such form and manner as shall be determined by the super- 11 intendent. 12 A mortgagee or its agent shall submit such notice within ten days of 13 when the mortgagee or its agent learns or reasonably should have learned 14 that the foreclosed residential real property is vacant or abandoned. 15 Such notice shall include, at a minimum, the current name, address and 16 contact information for the mortgagee or agent, the address of the real 17 property, the tax identification number of the real property, and wheth- 18 er the property is vacant or abandoned but occupied by tenants. 19 2. Where any of the information contained in a notice to the depart- 20 ment materially changes since the submission thereof or ownership of the 21 residential real property has been transferred, the mortgagee or its 22 agent shall make an amended submission not later than ten days after it 23 learns or reasonably should have learned of the new or changed informa- 24 tion. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14298-02-6S. 7434 2 1 3. The department shall establish and maintain a statewide electronic 2 database of the information on foreclosed residential real property 3 received pursuant to this section. The department shall grant access to 4 such database to the department of law, for purposes of enforcing the 5 provisions of section thirteen hundred seven of the real property 6 actions and proceedings law. Furthermore, municipalities in which resi- 7 dential real property, included in such database, is located, shall have 8 access to the database for those properties within the municipality, for 9 the purposes of enforcing section thirteen hundred seven of the real 10 property actions and proceedings law. The information in the database 11 shall be kept and remain confidential by the department, the department 12 of law and municipalities; provided, however, such information may be 13 disclosed by a municipality, upon written request, to a neighborhood 14 association or any other non-governmental entity authorized to enforce 15 the provisions of section thirteen hundred seven of the real property 16 actions and proceedings law. 17 4. The department shall establish and maintain either a toll-free 18 telephone hotline or an internet web address whereby persons may report 19 the existence of foreclosed residential real property that is either 20 vacant or abandoned but occupied by tenants. 21 § 2. Section 1307 of the real property actions and proceedings law is 22 amended by adding two new subdivisions 9 and 10 to read as follows: 23 9. The attorney general shall have the authority to institute a civil 24 action or proceeding to enforce the provisions of this section. 25 10. A plaintiff in a mortgage foreclosure action who obtains a judg- 26 ment of foreclosure who knowingly violates any provision of this article 27 or any rule or regulation promulgated pursuant thereto, shall be subject 28 to a fine of not less than one thousand dollars for every residential 29 real property it fails to maintain. 30 § 3. This act shall take effect on the one hundred eightieth day after 31 it shall have become a law. Provided, however, that, effective imme- 32 diately, any and all actions necessary to implement the provisions of 33 this act on its effective date are authorized and directed to be 34 completed on or before such date.
