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NY S08915
Bill
Status
8/14/2020
Primary Sponsor
Timothy Kennedy
Click for details
AI Summary
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Prohibits local laws, ordinances, or resolutions from allowing registration of residential mortgages in default until a mortgagee files a notice of pendency in court.
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Prevents homeowners or occupants from being required to register mortgages in default.
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Caps annual registration fees at $75 for residential mortgages in default and prohibits mortgagees from passing these fees to defaulting mortgagors.
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Allows local governing bodies to impose fines on mortgagees for noncompliance, with fines prohibited from being passed to mortgagors in default.
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Supersedes any existing local laws, ordinances, or resolutions requiring registration of mortgages in default, effective immediately upon enactment.
Legislative Description
Prohibits the registration of mortgages in default prior to the filing of a notice of pendency.
Last Action
REFERRED TO RULES
8/14/2020