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NY A02557

Bill

Official Source

Status

Introduced

1/19/2011

Primary Sponsor

Peter Rivera

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Exempts from New York mortgage tax any mortgage or deed of trust that replaces a previous mortgage or deed of trust on the same property
  • Exemption applies only when the property owners remain the same between the original and replacement mortgage
  • Exemption requires the replaced mortgage to have had an adjustable interest rate that was initially below the prime rate
  • Takes effect immediately upon enactment

Legislative Description

Waives mortgage tax on the refinanced mortgage that replaces an adjustable rate mortgage initially offered at a sub-prime rate.

Last Action

enacting clause stricken

9/4/2012

Committee Referrals

Ways and Means1/19/2011

Full Bill Text

No bill text available