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NY S04819
Bill
Status
Engrossed
7/22/2020
Primary Sponsor
Kevin Parker
Click for details
AI Summary
- Establishes "The Good Neighbor Act" requiring plaintiffs in mortgage foreclosure actions (including lenders, assignees, and mortgage loan servicers) to maintain residential real property in good faith
- Applies to vacant properties, properties that become vacant after the action commences or judgment is issued, or abandoned properties occupied by tenants
- Maintenance obligation continues until ownership is transferred through foreclosure closing or other disposition and the deed is recorded
- Defines "good faith" as honesty in fact and observance of reasonable standards of fair dealing
- Exempts municipalities or governmental entities that hold subordinate mortgages from these maintenance requirements
- Takes effect immediately upon enactment
Legislative Description
Requires a plaintiff in a mortgage foreclosure action to maintain the subject property in good faith.
Last Action
referred to judiciary
7/22/2020
Committee Referrals
Judiciary7/22/2020
Rules7/20/2020
Housing, Construction, and Community Development3/26/2019
Full Bill Text
No bill text available