STATE OF NEW YORK
________________________________________________________________________
10044
IN ASSEMBLY
March 5, 2020
___________
Introduced by M. of A. JOYNER -- read once and referred to the Committee
on Judiciary
AN ACT to amend the administrative code of the city of New York, in
relation to foreclosure by action in rem
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 11-404 of the administrative code of the city of
2 New York is amended by adding a new subdivision c to read as follows:
3 c. (1) If the city shall intend for a property defined in subdivision
4 b of this section to be conveyed to a third party pursuant to subdivi-
5 sion b of section 11-412.1 of this chapter the city or supervising agen-
6 cy shall first do the following to address outstanding issues with such
7 property:
8 (i) Notify the owner or board of a company that owns the property, if
9 there is one, and the property management entity, if there is one, of
10 any and all matters that could result in a significant action; and
11 (ii) Notify residents, individually and separately from attempts to
12 notify the owner or the board, that significant adverse actions against
13 the company or its real estate are imminent and describe the deficien-
14 cies that have made such adverse actions possible.
15 (2) Failure to meet the requirements of this subdivision shall prevent
16 the property from being conveyed to a third party.
17 (3) If an owner or board of a company that owns the property receives
18 notice from a city or supervising agency it shall notify the property
19 management entity and all tenants and shareholders separately from any
20 notification by the city or supervising agency. If the property manage-
21 ment entity receives notice, it shall notify the owner or board.
22 § 2. This act shall take effect on the ninetieth day after it shall
23 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15217-05-0
