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NY A10851
Bill
Status
7/24/2020
Primary Sponsor
Jeffrey Dinowitz
Click for details
AI Summary
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Injured parties may bring private lawsuits against mortgagees and/or mortgage servicers for violations of mortgage servicing rules, regulations, or policies promulgated by the banking superintendent, including 3 NYCRR 419.
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Injured mortgagors may recover statutory damages of $1,000 per violation, treble actual damages, and reasonable attorneys' fees and costs if awarded damages or injunctive relief.
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Mortgagees and mortgage servicers are jointly and severally liable for all recoveries awarded to injured mortgagors in actions brought under this law.
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Compliance with mortgage servicing rules and regulations is a mandatory condition precedent to commencing foreclosure or note actions, and non-compliance is an absolute defense to such actions regardless of servicer transfers.
Legislative Description
Provides that any person who has been injured by reason of any violation of any such rules, regulations or policies as the superintendent may promulgate may bring an action in his or her own name; assert a counterclaim; or, if an action is commenced by the mortgagee or anyone acting on its behalf, bring a third party claim, against either the mortgagee and/or the mortgage servicer to enjoin any violations thereof; authorizes damages; makes related provisions.
Last Action
referred to banks
7/24/2020