Senate Bill S7698

Signed By Governor
2021-2022 Legislative Session

Relates to complaints served in a proceeding initiated on a residential mortgage covering a one to four family dwelling

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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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2021-S7698 (ACTIVE) - Details

See Assembly Version of this Bill:
A8854
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1302, RPAP L (as proposed in S.5785-A & A.2502-A)

2021-S7698 (ACTIVE) - Summary

Relates to complaints served in a proceeding initiated on a residential mortgage covering a one to four family dwelling.

2021-S7698 (ACTIVE) - Sponsor Memo

2021-S7698 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7698
 
                             I N  S E N A T E
 
                              January 7, 2022
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the  real  property  actions  and  proceedings  law,  in
   relation  to complaints served in a proceeding initiated on a residen-
   tial mortgage covering a one to four family dwelling
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 1302 of the real property actions and proceedings
 law, as amended by a chapter of the laws  of  2021,  amending  the  real
 property actions and proceedings law relating to foreclosure of residen-
 tial  mortgages  covering  one  to four family dwellings, as proposed in
 legislative bills numbers S. 5785-A and A. 2502-A, is amended to read as
 follows:
   § 1302. Foreclosure of certain residential mortgages. 1. Any complaint
 served in a proceeding initiated on a residential  mortgage  covering  a
 one  to  four  family  dwelling pursuant to this article must contain an
 affirmative allegation that at the time the proceeding is commenced, the
 plaintiff:
   (a) is the owner and holder of the subject mortgage and note,  or  has
 been  delegated the authority to institute a mortgage foreclosure action
 by the owner and holder of the subject mortgage and note; and
   (b) has complied with all of the provisions of  section  five  hundred
 ninety-five-a  of  the banking law and any rules and regulations promul-
 gated thereunder, AND section six-l or six-m of  the  banking  law,  for
 loans governed by [those provisions] SECTION SIX-L OR SIX-M OF THE BANK-
 ING LAW, and section thirteen hundred four of this article FOR ALL RESI-
 DENTIAL MORTGAGE LOANS COVERING A ONE TO FOUR FAMILY DWELLING.
   2. It shall be a defense to an action to foreclose a mortgage that the
 terms  of  the  home  loan  or  the  actions  of  the lender violate any
 provision of section six-l or six-m of the banking law or section  thir-
 teen  hundred  four  of  this  article,  FOR  LOANS  GOVERNED  BY  THESE
 PROVISIONS.
   § 2. This act shall take effect on the  same  date  and  in  the  same
 manner  as  a  chapter  of  the laws of 2021, amending the real property
 actions and proceedings law relating to foreclosure of residential mort-
 gages covering one to four family dwellings, as proposed in  legislative
 bills numbers S.  5785-A and A. 2502-A, takes effect.

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