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S04806 Summary:

BILL NO	S04806
SAME AS	SAME AS A05613
SPONSOR	THOMAS
COSPNSR
MLTSPNSR
Add §291-k, RP L
Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment document.

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S04806 Actions:

BILL NO	S04806
03/26/2019	REFERRED TO JUDICIARY
01/08/2020	REFERRED TO JUDICIARY

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S04806 Committee Votes:

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S04806 Floor Votes:

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S04806 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4806
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                     March 26, 2019
                                       ___________
 
        Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary
 
        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-k to read as follows:
     3    § 291-k. 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 by 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:
 
    18  ________________________________________________________________________
 
    19  Phone number:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00883-01-9
        S. 4806                             2
 
     1  ________________________________________________________________________

     2  Date that mortgage or assignment was acknowledged or proved:
 
     3  ________________________________________________________________________
 
     4  Authorized representative of mortgagee or assignee:
 
     5  ________________________________________________________________________
 
     6    3.  Failure  to  record a mortgage or assignment of mortgage made by a
     7  non-natural person affecting land in this state by the date specified in
     8  subdivision one of this section, shall subject the mortgagee or assignee
     9  who fails to comply with this section to a civil penalty of two  hundred
    10  fifty  dollars.    The penalty shall be assessed by, and payable to, the
    11  recording officer.   Penalties collected pursuant  to  this  subdivision
    12  shall be used to support recording officer operations.
    13    §  2.  This  act shall take effect on the ninetieth day after it shall
    14  have become a law and shall apply to all  mortgages  or  assignments  of
    15  mortgages executed on or after such date.

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