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A08684 Summary:

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A08684 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8684--B
                                                                Cal. No. 722
 
                               2009-2010 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 3, 2009
                                       ___________
 
        Introduced  by M. of A. WEINSTEIN, LANCMAN, GUNTHER, KOON, LIFTON, HOOP-
          ER, TITUS -- read once and referred to the Committee on  Judiciary  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee -- passed by Assembly and  delivered  to

          the Senate, recalled from the Senate, vote reconsidered, bill amended,
          ordered reprinted, retaining its place on the order of third reading
 
        AN ACT to amend the real property law, in relation to the recording of a
          transfer or assignment of a mortgage interest
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1.  The real property law is amended by adding a  new  section
     2  291-i to read as follows:
     3    § 291-i. Recording of transfers and assignments of mortgages; mortgage
     4  ownership  assignment  document. 1. A recording officer shall not record
     5  or accept for recording any mortgage or assignment of mortgage made to a
     6  non-natural person affecting land in this state unless accompanied by  a

     7  mortgage  ownership  assignment  document  in  a form prescribed by this
     8  section and the fee prescribed pursuant to section eight thousand  twen-
     9  ty-one  of the civil practice law and rules. Such form shall be recorded
    10  no later than ninety days after the date of the acknowledgment or  proof
    11  of such instrument.
    12    2.  The form of the Mortgage Ownership Assignment Document shall be as
    13  follows:
 
    14                   Mortgage Ownership Assignment Document
 
    15  Name of mortgagee or assignee:
 
    16  ________________________________________________________________________
 
    17  Address:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

                                                                   LBD14163-08-0
        A. 8684--B                          2
 
     1  ________________________________________________________________________
 
     2  Phone number:
 
     3  ________________________________________________________________________
 
     4  Date that mortgage or assignment was acknowledged or proved:
 
     5  ________________________________________________________________________
 
     6  Authorized representative of mortgagee or assignee:
 
     7  ________________________________________________________________________
 
     8    3.  Failure  to  record a mortgage or assignment of mortgage made to a
     9  non-natural person affecting land in this state by the date specified in

    10  subdivision one of this section, shall subject the mortgagee or assignee
    11  who fails to comply with this section to a civil penalty of two  hundred
    12  fifty  dollars.    The penalty shall be assessed by, and payable to, the
    13  recording officer.   Penalties collected pursuant  to  this  subdivision
    14  shall be used to support recording officer operations.
    15    §  2.  This  act shall take effect on the ninetieth day after it shall
    16  have become a law and shall apply to all  mortgages  or  assignments  of
    17  mortgages executed on or after such date.