NY A04620

Amends the Real Property Actions and Proceedings Law section 1308(4)(k) to explicitly require loan servicers to pay condominium common charges on vacant and abandoned residential properties.

Defines condominium common charges by reference to section 339-e of the Real Property Law, expanding the previous requirement which only mentioned homeowners' association fees and cooperative fees.

Applies to loan servicers managing loans on vacant and abandoned residential real property to ensure maintenance of the property through payment of common charges.

Takes effect immediately upon enactment.