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NY A02220

Bill

Official Source

Status

Introduced

1/17/2017

Primary Sponsor

Michael Montesano

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Amends Real Property Tax Law Section 953 to add new subdivision 8-b establishing financial liability for mortgage investing institutions and their contracted vendors
  • Makes institutions or vendors financially responsible for any interest or penalties charged to property owners when an erroneous mortgage registration is filed with the collecting officer
  • Applies to situations where erroneous mortgage registrations for escrow amounts on taxable parcels result in non-payment or late payment charges imposed by 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

5/30/2018

Committee Referrals

Banks1/17/2017

Full Bill Text

No bill text available