Assembly Bill A3325

2015-2016 Legislative Session

Establishes a one year moratorium on actions to foreclose a mortgage

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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

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2015-A3325 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add ยง1392, RPAP L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5275
2017-2018: A3636
2019-2020: A4196
2021-2022: A2034
2023-2024: A730

2015-A3325 (ACTIVE) - Summary

Establishes a one year moratorium on actions to foreclose a mortgage.

2015-A3325 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3325

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2015
                               ___________

Introduced by M. of A. WRIGHT -- read once and referred to the Committee
  on Judiciary

AN  ACT  to  amend  the  real  property  actions and proceedings law, in
  relation to establishing a one year moratorium on actions to foreclose
  a mortgage

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The real property actions and proceedings law is amended by
adding a new section 1392 to read as follows:
  S 1392. MORATORIUM ON ACTIONS TO FORECLOSE A MORTGAGE. 1. BEGINNING ON
THE  EFFECTIVE DATE OF THIS SECTION AND ENDING ONE YEAR AFTER SUCH DATE,
NO ACTION TO FORECLOSE A MORTGAGE ON REAL PROPERTY LOCATED IN THIS STATE
SHALL BE BROUGHT PURSUANT TO THIS ARTICLE IN ANY COURT IN THIS STATE.
  2. ANY MORTGAGOR IN THIS STATE WHO OWNS PROPERTY IN  THIS  STATE  THAT
WOULD  OTHERWISE  BE  SUBJECT  TO  AN  ACTION TO FORECLOSE SUCH MORTGAGE
PURSUANT TO THIS ARTICLE SHALL ENTER INTO GOOD FAITH  NEGOTIATIONS  WITH
THE  MORTGAGEE  OF SUCH MORTGAGE TO NEGOTIATE TERMS FOR REPAYMENT OF THE
LOAN SECURED BY SUCH MORTGAGE. UPON AGREEMENT OF SUCH TERMS, SUCH  MORT-
GAGOR SHALL MAKE PAYMENTS TO SUCH MORTGAGEE ACCORDING TO SUCH AGREEMENT.
FAILURE  BY  SUCH  MORTGAGOR TO MAKE PAYMENTS PURSUANT TO SUCH AGREEMENT
SHALL  CONSTITUTE  A  WAIVER  BY  SUCH  MORTGAGOR  OF   THE   MORATORIUM
PROTECTIONS SET FORTH IN SUBDIVISION ONE OF THIS SECTION.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04765-01-5

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