Modifies the cap on the registration fee for the registration of residential mortgages in default which may be imposed by a local law, ordinance or resolution.
STATE OF NEW YORK
________________________________________________________________________
6146
2025-2026 Regular Sessions
IN SENATE
March 5, 2025
___________
Introduced by Sen. PARKER -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to amend the real property actions and proceedings law, in
relation to registration of mortgages in default
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 3 of section 1393 of the real property actions
2 and proceedings law, as added by chapter 600 of the laws of 2022, is
3 amended to read as follows:
4 3. Any local law, ordinance or resolution that allows for the regis-
5 tration of residential mortgages in default may impose a registration
6 fee not exceeding [seventy-five] five hundred dollars annually. A mort-
7 gagee and/or its agents are prohibited from passing along such fees to
8 the mortgagor in default.
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10576-01-5
