Bill Text: NY S01278 | 2015-2016 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO JUDICIARY [S01278 Detail]

Download: New_York-2015-S01278-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1278
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    January 9, 2015
                                      ___________
       Introduced  by  Sen. PERALTA -- 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    S 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.
                                                                  LBD00097-01-5
       S. 1278                             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    S  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.