Requires mortgage investing institutions or their contracted vendors to be financially responsible for any interest or penalties charged as a result of an erroneous mortgage registration filed by such institution or vendor.
STATE OF NEW YORK
________________________________________________________________________
4185
2019-2020 Regular Sessions
IN ASSEMBLY
February 1, 2019
___________
Introduced by M. of A. MONTESANO, CROUCH, McDONOUGH, LAWRENCE -- Multi-
Sponsored by -- M. of A. DiPIETRO, THIELE -- read once and referred to
the Committee on Banks
AN ACT to amend the real property tax law, in relation to requiring
mortgage investing institutions or their contracted vendors to be
financially responsible for any interest or penalties charged as a
result of an erroneous mortgage registration filed by such institution
or vendor
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 953 of the real property tax law is amended by
2 adding a new subdivision 8-b to read as follows:
3 8-b. Any mortgage investing institution or its contracted vendor which
4 does not comply with the provisions of subdivision eight of this section
5 when a mortgage investing institution or its contracted vendor files a
6 registration of mortgage with the collecting officer for an escrow
7 amount relative to a taxable parcel and that registration proves to be
8 erroneous, the mortgage investing institution or its contracted vendor
9 shall be financially responsible for interest or penalties charged a
10 property owner by a taxing municipality, county, and/or delinquent tax
11 enforcement agency for non-payment or late payment of real property
12 taxes due to the erroneous registration.
13 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08269-01-9
