NY A08684

Recording officers must not record any mortgage or assignment of mortgage to a non-natural person (entity) affecting New York land unless accompanied by a mortgage ownership assignment document in a prescribed form.

The mortgage ownership assignment document must include the mortgagee or assignee name, address, phone number, date of acknowledgment or proof, and authorized representative information.

The document must be recorded no later than 90 days after the date of acknowledgment or proof of the mortgage or assignment.

Failure to record by the 90-day deadline subjects the mortgagee or assignee to a $250 civil penalty, assessed and collected by the recording officer to support recording office operations.

The act takes effect 90 days after becoming law and applies to all mortgages or assignments executed on or after the effective date.