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NY A04196

Bill

Official Source

Status

Introduced

1/29/2015

Primary Sponsor

Michael Montesano

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Amends Real Property Tax Law Section 953 to add new subdivision 8-b
  • Requires mortgage investing institutions or contracted vendors to be financially responsible for interest and penalties charged to property owners when an erroneous mortgage registration is filed with the collecting officer
  • Holds institutions liable when erroneous registrations result in non-payment or late payment penalties assessed by taxing municipalities, counties, or delinquent tax enforcement agencies
  • Takes effect immediately upon enactment

Legislative Description

Requires mortgage investing institutions or their contracted vendors to be financially responsible for any interest or penalties charged as a result of an erroneous mortgage registration filed by such institution or vendor.

Last Action

held for consideration in banks

5/24/2016

Committee Referrals

Banks1/29/2015

Full Bill Text

No bill text available