NY S07738

Authorizes the City of Schenectady to sell some or all of its delinquent tax liens to a private party until December 31, 2010, with consideration that may be more or less than the face amount of the liens.

Requires property owners receive at least 30 days advance notice of tax lien sales in the same manner as prescribed by Real Property Tax Law Section 1190.

Allows the City of Schenectady to repurchase liens from the private purchaser within 30 days of receiving a foreclosure list, with repurchase price equal to the lien amount plus accrued interest and collection fees.

Permits tax lien purchasers to foreclose liens after the redemption period expires using mortgage foreclosure procedures under Real Property Tax Law Section 1194, including recovery of reasonable collection costs, attorneys' fees, and legal disbursements.

Act expires and is repealed on December 31, 2012.