Assembly Bill A2428A

2021-2022 Legislative Session

Relates to mortgage loan servicers

download bill text pdf

Sponsored By

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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Bill Amendments

2021-A2428 - Details

See Senate Version of this Bill:
S2143
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-b, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10851, S8789
2023-2024: A2131, S564

2021-A2428 - Summary

Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in his or her own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages

2021-A2428 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2428
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT to amend the banking law, in relation to mortgage loan servicers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 595-b of the banking law is amended by  adding  two
 new subdivisions 3 and 4 to read as follows:
   3.  ACTIONS AND DAMAGES. (A) ANY PERSON WHO HAS BEEN INJURED BY REASON
 OF ANY VIOLATION OF ANY SUCH  RULES,  REGULATIONS  OR  POLICIES  AS  THE
 SUPERINTENDENT  MAY  PROMULGATE TO EFFECTUATE THE PURPOSES OF THIS ARTI-
 CLE, INCLUDING BUT NOT LIMITED  TO  3  NYCRR  419  OR  ANY  SUBSEQUENTLY
 PROMULGATED MORTGAGE SERVICING RULES PURSUANT TO THIS SUBDIVISION, MAY:
   (I) BRING AN ACTION IN HIS OR HER OWN NAME;
   (II) ASSERT A COUNTERCLAIM; OR
   (III)  IF  AN ACTION IS COMMENCED BY THE MORTGAGEE OR ANYONE ACTING ON
 ITS BEHALF, BRING A THIRD PARTY  CLAIM,  AGAINST  EITHER  THE  MORTGAGEE
 AND/OR THE MORTGAGE SERVICER TO ENJOIN ANY VIOLATIONS THEREOF.
   (B) THE PERSON INJURED PURSUANT TO THIS SECTION:
   (I)  MAY  RECOVER  STATUTORY  DAMAGES  OF  ONE  THOUSAND  DOLLARS  PER
 VIOLATION;
   (II) MAY RECOVER TREBLE ACTUAL DAMAGES; AND
   (III) IF AWARDED DAMAGES OR INJUNCTIVE RELIEF, SHALL ALSO BE  ENTITLED
 TO  RECOVER  COSTS AND EXPENSES, INCLUDING BUT NOT LIMITED TO REASONABLE
 ATTORNEYS' FEES.
   (C) THE MORTGAGEE AND THE  MORTGAGE  SERVICER  SHALL  BE  JOINTLY  AND
 SEVERALLY  LIABLE  FOR  ANY  RECOVERIES  BY  AN INJURED MORTGAGOR IN ANY
 ACTION BROUGHT PURSUANT TO THIS SUBDIVISION.
   4. COMPLIANCE WITH RULES, REGULATIONS OR POLICIES. COMPLIANCE WITH ANY
 SUCH RULES, REGULATIONS OR POLICIES AS THE SUPERINTENDENT MAY PROMULGATE
 TO EFFECTUATE THE PURPOSES OF THIS ARTICLE, INCLUDING BUT NOT LIMITED TO
 3 NYCRR 419 OR ANY SUBSEQUENTLY  PROMULGATED  MORTGAGE  SERVICING  RULES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

multi-Sponsors

2021-A2428A (ACTIVE) - Details

See Senate Version of this Bill:
S2143
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §595-b, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10851, S8789
2023-2024: A2131, S564

2021-A2428A (ACTIVE) - Summary

Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in his or her own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages

2021-A2428A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2428--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee  on Banks -- committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said committee
 
 AN ACT to amend the banking law, in relation to mortgage loan servicers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 595-b of the banking law is amended by adding two
 new subdivisions 3 and 4 to read as follows:
   3. ACTIONS AND DAMAGES. (A) ANY PERSON WHO HAS BEEN INJURED BY  REASON
 OF  ANY  VIOLATION  OF  ANY  SUCH  RULES, REGULATIONS OR POLICIES AS THE
 SUPERINTENDENT MAY PROMULGATE TO EFFECTUATE THE PURPOSES OF  THIS  ARTI-
 CLE,  INCLUDING  BUT  NOT  LIMITED  TO  3  NYCRR 419 OR ANY SUBSEQUENTLY
 PROMULGATED MORTGAGE SERVICING RULES PURSUANT TO THIS SUBDIVISION, MAY:
   (I) BRING AN ACTION IN HIS OR HER OWN NAME;
   (II) ASSERT A COUNTERCLAIM; OR
   (III) IF AN ACTION IS COMMENCED BY THE MORTGAGEE OR ANYONE  ACTING  ON
 ITS  BEHALF,  BRING  A  THIRD  PARTY CLAIM, AGAINST EITHER THE MORTGAGEE
 AND/OR THE MORTGAGE SERVICER TO ENJOIN ANY VIOLATIONS THEREOF.
   (B) THE PERSON INJURED PURSUANT TO THIS SECTION:
   (I)  MAY  RECOVER  STATUTORY  DAMAGES  OF  ONE  THOUSAND  DOLLARS  PER
 VIOLATION;
   (II) MAY RECOVER TREBLE ACTUAL DAMAGES; AND
   (III)  IF AWARDED DAMAGES OR INJUNCTIVE RELIEF, SHALL ALSO BE ENTITLED
 TO RECOVER COSTS AND EXPENSES, INCLUDING BUT NOT LIMITED  TO  REASONABLE
 ATTORNEYS' FEES.
   (C)  THE  MORTGAGEE  AND  THE  MORTGAGE  SERVICER SHALL BE JOINTLY AND
 SEVERALLY LIABLE FOR ANY RECOVERIES  BY  AN  INJURED  MORTGAGOR  IN  ANY
 ACTION BROUGHT PURSUANT TO THIS SUBDIVISION.
   4. COMPLIANCE WITH RULES, REGULATIONS OR POLICIES. COMPLIANCE WITH ANY
 SUCH RULES, REGULATIONS OR POLICIES AS THE SUPERINTENDENT MAY PROMULGATE
 TO EFFECTUATE THE PURPOSES OF THIS ARTICLE, INCLUDING BUT NOT LIMITED TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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