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S05829 Summary:

BILL NOS05829B
 
SAME ASNo Same As
 
SPONSORSALAZAR
 
COSPNSRSANDERS, BAILEY, BRISPORT, COMRIE, GONZALEZ, GOUNARDES, HARCKHAM, JACKSON, MANNION, PARKER, RAMOS, RYAN, SKOUFIS, STAVISKY
 
MLTSPNSR
 
Amd §1304, RPAP L
 
Relates to the language which must be included in mortgage foreclosure notices; requires lenders, assignees, and mortgage loan servicers to evidence strict compliance with such notice requirements as pertinent.
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S05829 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5829--B
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                     March 17, 2023
                                       ___________
 
        Introduced  by  Sens. SALAZAR, SANDERS, BAILEY, BRISPORT, COMRIE, GONZA-
          LEZ, GOUNARDES,  HARCKHAM,  JACKSON,  MANNION,  PARKER,  RAMOS,  RYAN,
          SKOUFIS,  STAVISKY -- read twice and ordered printed, and when printed
          to be committed to the Committee on Housing, Construction and Communi-
          ty  Development  --  committee  discharged,  bill   amended,   ordered
          reprinted  as amended and recommitted to said committee -- recommitted
          to the Committee on Housing, Construction and Community Development in
          accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
 
        AN ACT to amend the  real  property  actions  and  proceedings  law,  in
          relation to notices required prior to mortgage foreclosure
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The opening paragraph of subdivision 1 of section  1304  of
     2  the  real  property actions and proceedings law, as amended by section 6
     3  of part Q of chapter 73 of the laws of   2016, is  amended  to  read  as
     4  follows:
     5    Notwithstanding  any  other  provision  of  law, with regard to a home
     6  loan, at least ninety days before a lender, an assignee  or  a  mortgage
     7  loan  servicer commences legal action against the borrower, or borrowers
     8  at the property address and any other address of record, including mort-
     9  gage foreclosure, such lender, assignee or mortgage loan servicer  shall
    10  give  notice to the borrower in at least fourteen-point type which shall
    11  include only the following:
    12    § 2. The opening paragraph of subdivision 1-a of section 1304  of  the
    13  real property actions and proceedings law, as added by section 3 of part
    14  HH of chapter 58 of the laws of  2018, is amended to read as follows:
    15    Notwithstanding  any  other provision of law, with regard to a reverse
    16  mortgage home loan, at least ninety days before a lender, an assignee or
    17  a mortgage loan servicer commences legal action against the borrower  or

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09739-04-4

        S. 5829--B                          2
 
     1  borrowers  at  the  property  address and any other addresses of record,
     2  including reverse mortgage foreclosure, such lender, assignee  or  mort-
     3  gage  loan  servicer shall give notice to the borrower in at least four-
     4  teen-point  type  except  for  the  heading  which  shall be in at least
     5  sixteen-point type which shall include only the following:
     6    § 3. Section 1304 of the real property actions and proceedings law  is
     7  amended by adding a new subdivision 8 to read as follows:
     8    8.  To establish compliance with this section, the lender, assignee or
     9  mortgage loan servicer shall evidence strict compliance with the  subdi-
    10  visions of this section, as pertinent.
    11    §  4. Severability clause. If any clause, sentence, paragraph, section
    12  or part of this act shall be adjudged by any court of  competent  juris-
    13  diction to be invalid, such judgment shall not affect, impair or invali-
    14  date  the  remainder  thereof, but shall be confined in its operation to
    15  the clause,  sentence,  paragraph,  section  or  part  thereof  directly
    16  involved  in  the  controversy  in  which  such judgment shall have been
    17  rendered.
    18    § 5. This act shall take effect immediately.
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