Assembly Bill A1408

2017-2018 Legislative Session

Provides for the regulation of distressed home loans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary 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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2017-A1408 (ACTIVE) - Details

See Senate Version of this Bill:
S6171
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §§265-a & 265-b, RP L; amd R6312, CPLR; add §420.45, CP L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10423
2019-2020: A5615, S1688

2017-A1408 (ACTIVE) - Summary

Provides for the regulation of distressed home loans.

2017-A1408 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1408
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced by M. of A. WEINSTEIN, COOK, LENTOL, HYNDMAN, TITUS, SKOUFIS,
   SEPULVEDA,  COLTON  -- 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;

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

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