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A06656 Summary:

BILL NO	A06656
SAME AS	SAME AS S05124
SPONSOR	Perry
COSPNSR
MLTSPNSR
Amd §1303, RPAP L
Requires the foreclosing party in a residential foreclosure action to offer a refinancing opportunity to the mortgagor.

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A06656 Actions:

BILL NO	A06656
03/14/2019	referred to judiciary
01/08/2020	referred to judiciary

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A06656 Committee Votes:

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A06656 Floor Votes:

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A06656 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6656
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 14, 2019
                                       ___________
 
        Introduced  by M. of A. PERRY -- read once and referred to the Committee
          on Judiciary
 
        AN ACT to amend the  real  property  actions  and  proceedings  law,  in
          relation  to requiring the foreclosing party in a residential foreclo-
          sure action to offer a refinancing opportunity to the mortgagor

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section 1303 of the real property actions and proceedings
     2  law is amended by adding a new subdivision 3-b to read as follows:
     3    3-b. (a) At the time the notice to any residential mortgagor  required
     4  by  paragraph  a  of subdivision one of this section is delivered to the
     5  mortgagor or the mortgagor's agent, the  foreclosing  party  shall  also
     6  provide  an offer to the mortgagor to refinance the mortgage. Such offer
     7  shall be included with the summons and complaint at the time such  docu-
     8  ments are served upon the mortgagor or the mortgagor's agent.
     9    (b) The refinancing offer described in paragraph a of this subdivision
    10  shall  be an offer to refinance the mortgage at the lowest interest rate
    11  offered by the foreclosing party within the thirty  days  prior  to  the
    12  commencement of the foreclosure proceeding, and shall be irrespective of
    13  the borrower's credit rating, income, assets or payment history.
    14    (c)  A  foreclosing  party  shall not be required to offer refinancing
    15  pursuant to this  subdivision  more  than  one  time  in  a  foreclosure
    16  proceeding or more than one time with respect to the same property while
    17  the property is owned by the same mortgagor.
    18    (d) The provisions of this subdivision shall only apply when the fore-
    19  closing  party  is a bank or financial institution that offers mortgages
    20  for residential real property as part of its regular course of  business
    21  and is the sole holder of the mortgage on the property.
    22    §  2.  This  act  shall take effect on the sixtieth day after it shall
    23  have become a law and shall apply to  all  foreclosures  on  residential
    24  properties commencing on or after such date.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07158-01-9

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