A09554 Summary:
| BILL NO | A09554 |
| SAME AS | No Same As |
| SPONSOR | Meeks |
| COSPNSR | |
| MLTSPNSR | |
| Add §6-q, Bank L | |
| Enacts the "deed protection act" in relation to prohibiting a financial institution from taking possession of a property based on the failure to repay a loan provided by such financial institution for such property if such loan was provided to a person who obtained title to such property by deed theft and such financial institution failed to conduct due diligence to determine whether any such deed theft had occurred. | |
A09554 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 9554 IN ASSEMBLY January 14, 2026 ___________ Introduced by M. of A. MEEKS -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to enacting the "deed protection act" 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 "deed protection act". 3 § 2. The banking law is amended by adding a new section 6-q to read as 4 follows: 5 § 6-q. Loans obtained by deed theft. No financial institution shall 6 take possession of any property based on the failure to repay any loan 7 provided by such financial institution for such property if such loan 8 was provided to a person who obtained the title to such property by deed 9 theft, and such financial institution failed to conduct reasonable due 10 diligence to determine whether such person obtained the title to such 11 property by deed theft prior to providing such loan to such person. 12 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14344-02-6