Loading chat...

NY A08040

Bill

Official Source

Status

Introduced

5/27/2011

Primary Sponsor

Eric Stevenson

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Adds new section 254-e to New York Real Property Law prohibiting mortgagees from refusing partial mortgage payments that do not bring the mortgagor current on the full debt
  • Partial payments are defined as payments of an entire amount due that do not fully cure the mortgage delinquency
  • Preserves all other contractual and statutory rights or remedies available to mortgagors under existing law
  • Takes effect thirty days after becoming law

Legislative Description

Prohibits mortgagee from refusing to accept partial mortgage payments.

Last Action

referred to judiciary

1/4/2012

Committee Referrals

Judiciary5/31/2011
Banks5/27/2011

Full Bill Text

No bill text available