Makes the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four family dwellings.
STATE OF NEW YORK
________________________________________________________________________
2502--A
R. R. 82
2021-2022 Regular Sessions
IN ASSEMBLY
January 19, 2021
___________
Introduced by M. of A. WEINSTEIN, TAYLOR -- read once and referred to
the Committee on Judiciary -- reported and referred to the Committee
on Rules -- ordered to a third reading, passed by Assembly and deliv-
ered to the Senate, recalled from the Senate, vote reconsidered, bill
amended, ordered reprinted, retaining its place on the special order
of third reading
AN ACT to amend the real property actions and proceedings law, in
relation to foreclosure of residential mortgages covering one to four
family dwellings
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 1302 of the real property actions and proceedings
2 law, as amended by chapter 472 of the laws of 2008, is amended to read
3 as follows:
4 § 1302. Foreclosure of [high-cost home loans and subprime home loans]
5 certain residential mortgages. 1. Any complaint served in a proceeding
6 initiated on a residential mortgage covering a one to four family dwell-
7 ing pursuant to this article [relating to a high-cost home loan or a
8 subprime home loan, as such terms are defined in section six-l and six-m
9 of the banking law, respectively,] must contain an affirmative allega-
10 tion that at the time the proceeding is commenced, the plaintiff:
11 (a) is the owner and holder of the subject mortgage and note, or has
12 been delegated the authority to institute a mortgage foreclosure action
13 by the owner and holder of the subject mortgage and note; and
14 (b) has complied with all of the provisions of section five hundred
15 ninety-five-a of the banking law and any rules and regulations promul-
16 gated thereunder, section six-l or six-m of the banking law, for loans
17 governed by those provisions, and section thirteen hundred four of this
18 article.
19 2. It shall be a defense to an action to foreclose a mortgage [for a
20 high-cost home loan or subprime home loan] that the terms of the home
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00013-02-1
A. 2502--A 2
1 loan or the actions of the lender violate any provision of section six-l
2 or six-m of the banking law or section thirteen hundred four of this
3 article.
4 § 2. This act shall take effect on the first of January next succeed-
5 ing the date on which it shall have become a law and shall apply to
6 actions commenced on or after such date.
