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NY A04185

Bill

Official Source

Status

Introduced

2/1/2019

Primary Sponsor

Michael Montesano

Click for details

Origin

Assembly

2019-2020 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
  • Mortgage institutions or vendors must comply with subdivision 8 requirements when filing mortgage registrations with collecting officers for escrow amounts on taxable parcels
  • If a mortgage registration filed by an institution or vendor proves erroneous, that institution or vendor becomes financially responsible for all interest and penalties charged to the property owner
  • Financial responsibility applies when interest or penalties result from non-payment or late payment of real property taxes caused by the erroneous registration
  • 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

7/13/2020

Committee Referrals

Banks2/1/2019

Full Bill Text

No bill text available