NY A10898

Prohibits local laws, ordinances, or resolutions from allowing registration of residential mortgages in default until a mortgagee files a notice of pendency in court.

Prevents homeowners or occupants from being required to register mortgages in default.

Permits local registration programs to charge a maximum annual fee of seventy-five dollars, which mortgagees and their agents are prohibited from passing to defaulting mortgagors.

Defines mortgage default as failure to fulfill obligations under a mortgage agreement and establishes that "notice of pendency" has the same meaning as in the civil practice law and rules.

Allows local governing bodies to fine mortgagees for noncompliance, with fines prohibited from being passed to defaulting mortgagors, and supersedes any existing local laws on mortgage registration enacted before this act's effective date.