Gov. Signs Legislation Enacting A Sweeping Protection For Home Owners

 Governor Andrew M. Cuomo today signed three measures enacting a package of sweeping homeowner protections. The legislation includes enhancing consumer protection measures and closing loopholes to prevent deed fraud and mortgage scams (A.5615/S.1688); requiring banks to continue paying homeowner’s association fees on zombie properties that are part of a co-op (S.4182/A.1800); and safeguarding homeowners by reforming the obligations of banks and financial institutions during sale of a mortgage (A.92A/S.5017A).

“These measures enact sweeping protections for homeowners and close loopholes in order to level the playing field and preserve the American Dream for New Yorkers in every part of this great state,” Governor Cuomo said. “With these new protections, we take one more step toward a fairer, stronger New York for all.” 

Senator Velmanette Montgomery said, “Passing the Deed Theft Bill is a major step forward in addressing one of the most pressing issues among homeowners, especially in communities of color. Thieves target our most vulnerable homeowners and snatch generations of wealth from our families. For everyone that thinks to call their elected officials or speak out, a dozen more do not know where to turn. I thank the Governor for signing this legislation. It will have a tremendous impact on homeowners in my district and throughout New York State.”

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