Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 07, 2016 |
amend and recommit to rules 10423a |
Jun 06, 2016 |
reported referred to rules |
Jun 02, 2016 |
reported referred to codes |
May 26, 2016 |
referred to judiciary |
Assembly Bill A10423A
2015-2016 Legislative Session
Sponsored By
WEINSTEIN
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
co-Sponsors
Vivian Cook
Annette Robinson
Walter T. Mosley
Latrice Walker
multi-Sponsors
Charles Barron
Catherine Nolan
2015-A10423 - Details
2015-A10423 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10423 I N A S S E M B L Y May 26, 2016 ___________ Introduced by M. of A. WEINSTEIN, COOK, ROBINSON, MOSLEY, WALKER, LENTOL, HYNDMAN, TITUS -- Multi-Sponsored by -- M. of A. BARRON, NOLAN -- read once and referred to the Committee on Judiciary AN ACT to amend the real property law, the civil practice law and rules, and the criminal procedure law, in relation to distressed home loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (c) and (e) of subdivision 2 of section 265-a of the real property law, as added by chapter 308 of the laws of 2006, are amended to read as follows: (c) "Covered contract" means any contract, agreement, or arrangement, or any term thereof, between an equity purchaser and equity seller which: (i) is incident to the sale of a residence in foreclosure; or (ii) is incident to the sale of a residence in foreclosure or default where such contract, agreement or arrangement includes a reconveyance arrangement[.]; OR (III) IS INCIDENT TO THE SALE OF A RESIDENCE THAT IS THE COLLATERAL FOR A "DISTRESSED HOME LOAN" AS DEFINED IN PARAGRAPH (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED SIXTY-FIVE-B OF THIS ARTICLE. For purposes of this section, any reference to the "sale" of a resi- dence by an equity seller to an equity purchaser shall include a trans- action where an equity seller receives consideration from the equity purchaser, and a transaction involving a transfer of title to the equity purchaser where no consideration is provided to the equity seller. (e) "Equity purchaser" means any person who OR ENTITY WHICH acquires title to any residence in foreclosure or, where applicable, default, or [his or her] THE representative OF SUCH PERSON OR ENTITY as defined in this subdivision, except a person who acquires such title as follows: (i) to use, and who uses, such property as his or her primary resi- dence; (ii) by a deed from a referee in a foreclosure sale conducted pursuant to article thirteen of the real property actions and proceedings law; (iii) at any sale of property authorized by statute; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
Vivian Cook
Annette Robinson
Walter T. Mosley
Latrice Walker
multi-Sponsors
Charles Barron
Catherine Nolan
2015-A10423A (ACTIVE) - Details
2015-A10423A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10423--A I N A S S E M B L Y May 26, 2016 ___________ Introduced by M. of A. WEINSTEIN, COOK, ROBINSON, MOSLEY, WALKER, LENTOL, HYNDMAN, TITUS, SKOUFIS -- Multi-Sponsored by -- M. of A. BARRON, NOLAN -- read once and referred to the Committee on Judiciary -- reported and referred to the Committee on Codes -- reported and referred to the Committee on Rules -- Rules Committee discharged, bill amended, ordered reprinted as amended and recommitted to the Committee on Rules AN ACT to amend the real property law, the civil practice law and rules, and the criminal procedure law, in relation to distressed home loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (c) and (e) of subdivision 2 of section 265-a of the real property law, as added by chapter 308 of the laws of 2006, are amended to read as follows: (c) "Covered contract" means any contract, agreement, or arrangement, or any term thereof, between an equity purchaser and equity seller which: (i) is incident to the sale of a residence in foreclosure; or (ii) is incident to the sale of a residence in foreclosure or default where such contract, agreement or arrangement includes a reconveyance arrangement[.]; OR (III) IS INCIDENT TO THE SALE OF A RESIDENCE THAT IS THE COLLATERAL FOR A "DISTRESSED HOME LOAN" AS DEFINED IN PARAGRAPH (D) OF SUBDIVISION ONE OF SECTION TWO HUNDRED SIXTY-FIVE-B OF THIS ARTICLE. For purposes of this section, any reference to the "sale" of a resi- dence by an equity seller to an equity purchaser shall include a trans- action where an equity seller receives consideration from the equity purchaser, and a transaction involving a transfer of title to the equity purchaser where no consideration is provided to the equity seller. (e) "Equity purchaser" means any person who OR ENTITY WHICH acquires title to any residence in foreclosure or, where applicable, default, or [his or her] THE representative OF SUCH PERSON OR ENTITY as defined in this subdivision, except a person who acquires such title as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15636-02-6
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