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NY S05017
Bill
Status
8/14/2019
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Requires banks or financial institutions selling or transferring a mortgage during modification to provide borrowers with a written list of all documents related to the modification application that were given to the receiving institution.
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Mandates that subsequent mortgage servicers assume all duties and obligations related to any previously approved first lien loan modification or foreclosure prevention alternative.
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Takes effect on the ninetieth day after becoming law and applies to all mortgages entered into on or after that date.
Legislative Description
Requires a bank or financial institution selling or transferring a mortgage during a modification process to provide the borrower with a written list of all documents relating to such application for modification that were provided to the bank or financial institution to which such mortgage was sold or transferred; and relates to the obligations of subsequent mortgage servicer shall assume all duties and obligations related to any previously approved first lien loan modification or other foreclosure prevention alternative.
Last Action
signed chap.166
8/14/2019