NY A08277

Allows purchasers or transferees of properties with on-bill recovery loans to assume future repayment obligations through written express assumption, or otherwise keeps original sellers/loan holders responsible for remaining charges through direct billing.

Removes requirement for the New York State Energy Research and Development Authority to record a declaration of the loan in the office of recording officers, instead making such recordings optional when loans are structured to survive ownership changes.

Modifies notice requirements for sellers of properties subject to green jobs-green New York on-bill recovery charges, making written notice to prospective purchasers unnecessary if the loan agreement allows buyers to opt into assuming charges through written assumption.

Specifies that on-bill recovery charges survive ownership changes only if the Authority has recorded a declaration pursuant to real property law article nine documenting the existence of the on-bill recovery loan.

Takes effect thirty days after becoming law and applies to any eligible applications filed on or after that date.