Bill Text: NY S07220 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Modifies the cap on the registration fee for the registration of residential mortgages in default which may be imposed by a local law, ordinance or resolution.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S07220 Detail]

Download: New_York-2023-S07220-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7220

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 18, 2023
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development

        AN  ACT  to  amend  the  real  property  actions and proceedings law, in
          relation to registration of mortgages in default

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Subdivision 3 of section 1393 of the real property actions
     2  and proceedings law, as added by chapter 600 of the  laws  of  2022,  is
     3  amended to read as follows:
     4    3.  Any  local law, ordinance or resolution that allows for the regis-
     5  tration of residential mortgages in default may  impose  a  registration
     6  fee  not  exceeding [seventy-five] five hundred dollars [annually] semi-
     7  annually. A mortgagee and/or its  agents  are  prohibited  from  passing
     8  along such fees to the mortgagor in default.
     9    § 2. This act shall take effect immediately.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11487-02-3