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AB9655 Text:

                STATE OF NEW YORK
                   IN ASSEMBLY
                                     March 24, 2016
        Introduced  by  M.  of  A. MAGNARELLI, McDONALD, FAHY, BUCHWALD, MILLER,
          JAFFEE, BRINDISI, GUNTHER, OTIS, STECK, ORTIZ -- Multi-Sponsored by --
          M. of A. BRENNAN, COOK, ENGLEBRIGHT, SKARTADOS, THIELE  --  read  once
          and  referred  to  the Committee on Judiciary -- committee discharged,
          bill amended, ordered reprinted as amended  and  recommitted  to  said

        AN  ACT  to  amend  the  real  property  actions and proceedings law, in
          relation to authorizing municipalities to compel mortgagees either  to
          complete  a  mortgage foreclosure proceeding pursuant to article 13 of
          the real property actions and proceedings law or to  issue  a  certif-
          icate  of  discharge  of  the mortgage for any property which has been
          certified abandoned pursuant to real property actions and  proceedings
          law section 1971
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "zombie property remediation act of 2016".
     3    §  2.  The  real  property  actions  and proceedings law is amended by
     4  adding a new section 1392 to read as follows:
     5    § 1392. Foreclosure actions involving  abandoned  properties.    If  a
     6  property  has  been  certified  abandoned  pursuant  to section nineteen
     7  hundred seventy-one of this chapter, the city, village, or town in which
     8  the property is located may commence a proceeding in a court  of  compe-
     9  tent  jurisdiction  in  the  county  in which the property is located to
    10  compel any or all mortgagees to either: (a) complete a mortgage foreclo-
    11  sure proceeding pursuant to article thirteen of this  chapter  within  a
    12  reasonable  time  period  as  determined  by  the  court; or (b) issue a
    13  certificate of discharge of the mortgage.
    14    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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