New York State Assembly

Bill No.:  

 
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A03636 Summary:

BILL NO	A03636
SAME AS	No Same As
SPONSOR	Aubry
COSPNSR
MLTSPNSR
Add §1392, RPAP L
Establishes a one year moratorium on actions to foreclose a mortgage.

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A03636 Actions:

BILL NO	A03636
01/30/2017	referred to judiciary
01/03/2018	referred to judiciary

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A03636 Committee Votes:

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A03636 Floor Votes:

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A03636 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3636
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2017
                                       ___________
 
        Introduced  by M. of A. AUBRY -- read once and referred to the Committee
          on Judiciary
 
        AN ACT to amend the  real  property  actions  and  proceedings  law,  in
          relation to establishing a one year moratorium on actions to foreclose
          a mortgage
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The real property actions and proceedings law is amended by
     2  adding a new section 1392 to read as follows:
     3    § 1392. Moratorium on actions to foreclose a mortgage. 1. Beginning on
     4  the effective date of this section and ending one year after such  date,
     5  no action to foreclose a mortgage on real property located in this state
     6  shall be brought pursuant to this article in any court in this state.
     7    2.  Any  mortgagor  in this state who owns property in this state that
     8  would otherwise be subject to  an  action  to  foreclose  such  mortgage
     9  pursuant  to  this article shall enter into good faith negotiations with
    10  the mortgagee of such mortgage to negotiate terms for repayment  of  the
    11  loan  secured by such mortgage. Upon agreement of such terms, such mort-
    12  gagor shall make payments to such mortgagee according to such agreement.
    13  Failure by such mortgagor to make payments pursuant  to  such  agreement
    14  shall   constitute   a  waiver  by  such  mortgagor  of  the  moratorium
    15  protections set forth in subdivision one of this section.
    16    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08246-01-7

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