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NY A05023
Bill
Status
2/10/2021
Primary Sponsor
Michael Montesano
Click for details
AI Summary
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Amends Section 953 of the Real Property Tax Law to add a new subdivision 8-b establishing liability for mortgage investing institutions and their contracted vendors
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Requires mortgage institutions or vendors to comply with existing registration provisions when filing mortgage registrations with the collecting officer for escrow amounts on taxable parcels
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Makes mortgage institutions or their contracted vendors financially responsible for any interest or penalties charged to property owners by municipalities, counties, or delinquent tax enforcement agencies when erroneous mortgage registrations cause non-payment or late payment of real property taxes
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Takes effect immediately upon enactment
Legislative Description
Requires mortgage investing institutions or their contracted vendors to be financially responsible for any interest or penalties charged as a result of an erroneous mortgage registration filed by such institution or vendor.
Last Action
held for consideration in banks
5/10/2022