S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1053
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 10, 2017
                                ___________
 
 Introduced  by  M.  of A. WEINSTEIN, SEAWRIGHT, COLTON, ABINANTI -- read
   once and referred to the Committee on Judiciary
 
 AN ACT to amend the  real  property  actions  and  proceedings  law,  in
   relation to required prior notices
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of subdivision 6 of section 1304 of the  real
 property  actions and proceedings law, as amended by section 6 of part Q
 of chapter 73 of the laws of 2016, is amended to read as follows:
   (a) "Home loan" means a  loan,  including  an  open-end  credit  plan,
 [other than a reverse mortgage transaction,] in which:
   (i) The borrower is a natural person;
   (ii)  The  debt  is  incurred  by the borrower primarily for personal,
 family, or household purposes;
   (iii) The loan is secured by a mortgage  or  deed  of  trust  on  real
 estate improved by a one to four family dwelling, or a condominium unit,
 in  either  case,  used  or occupied, or intended to be used or occupied
 wholly or partly, as the home or residence of one or  more  persons  and
 which is or will be occupied by the borrower as the borrower's principal
 dwelling; and
   (iv) The property is located in this state.
   §  2. Paragraph (b) of subdivision 6 of section 1304 of the real prop-
 erty actions and proceedings law, as amended by section 7 of part  Q  of
 chapter 73 of the laws of 2016, is amended to read as follows:
   (b)  "Home loan" means a home loan, including an open-end credit plan,
 [other than a reverse mortgage transaction,] in which:
   (i) The principal amount of the loan at origination did not exceed the
 conforming loan size that was in existence at the  time  of  origination
 for  a  comparable dwelling as established by the federal national mort-
 gage association;
   (ii) The borrower is a natural person;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD00004-01-7

 A. 1053                             2
 
   (iii) The debt is incurred by the  borrower  primarily  for  personal,
 family, or household purposes;
   (iv) The loan is secured by a mortgage or deed of trust on real estate
 upon  which  there  is  located or there is to be located a structure or
 structures intended principally for occupancy of from one to four  fami-
 lies  which  is  or  will  be occupied by the borrower as the borrower's
 principal dwelling; and
   (v) The property is located in this state.
   § 3. This act shall take effect immediately; provided, however, that
   (a) if section 6 of part Q of chapter 73 of the laws of 2016 shall not
 have taken effect on or before such effective date, then this act  shall
 take  effect  on  the  same  date and in the same manner as such section
 takes effect; and
   (b) the amendments to subdivision 6 of section 1304 of the real  prop-
 erty  actions  and proceedings law made by section one of this act shall
 be subject to the expiration and reversion of such subdivision  pursuant
 to  subdivision  a  of section 25 of chapter 507 of the laws of 2009, as
 amended, when upon such date the provisions of section two of  this  act
 shall take effect.