NY S06612

Allows borrowers to transfer on-bill recovery loan responsibility to property purchasers through written express assumption in the loan agreement, with original borrowers remaining liable for unpaid charges if the purchaser does not assume the debt.

Removes the requirement for the New York State Energy Research and Development Authority to record a declaration in the office of recording officers that specifies loan amount, term, and repayment method.

Modifies the condition that on-bill recovery charges survive changes in property ownership only if the Authority has recorded a declaration pursuant to real property law article nine for the existence of an on-bill recovery loan.

Exempts sellers from providing written notice to prospective purchasers about green jobs-green New York on-bill recovery charges if the loan agreement allows the original seller to remain responsible for unpaid charges unless the purchaser expressly assumes them in writing.

Takes effect 30 days after enactment and applies to eligible applications submitted on or after that date.