NY A03081

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 and occupants from being required to register mortgages in default.

Caps registration fees at $75 annually and prohibits mortgagees from passing these fees or any imposed fines to borrowers in default.

Defines mortgage default as failure to fulfill obligations under a mortgage agreement, and "registration" as collection, publication, or posting of default mortgages by local government or contracted third-party entities.

Supersedes any existing local laws, ordinances, or resolutions regarding mortgage default registration enacted before this act takes effect immediately.