A09554 Summary:
| BILL NO | A09554A |
| 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--A IN ASSEMBLY January 14, 2026 ___________ Introduced by M. of A. MEEKS -- read once and referred to the Committee 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 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. 1. For the purposes of this 6 section, deed theft occurs when a person who is not the rightful owner 7 takes the title to a home without the homeowner's knowledge or approval. 8 2. No financial institution shall take possession of any property 9 based on the failure to repay any loan provided by such financial insti- 10 tution for such property if such loan was provided to a person who 11 obtained the title to such property by deed theft, and such financial 12 institution failed to conduct reasonable due diligence to determine 13 whether such person obtained the title to such property by deed theft 14 prior to providing such loan to such person. 15 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14344-03-6