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NY A04483
Bill
Status
2/16/2023
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
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Expands authorization to accept delinquent tax payments from any registered entity (corporation, LLC, or partnership) rather than limiting to specific loan corporations, contingent upon property owner affidavit authorization.
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Allows lending entities to charge reasonable and customary loan fees and interest not exceeding 1.25% per month, with loan documents requiring sworn borrower acknowledgment of interest rates and payment due dates.
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Requires tax liens transferred to lending entities to be recorded in county clerk or register offices to be enforceable, and allows lending entities to recover closing and recording costs by adding them to the lien amount.
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Permits lending entities to foreclose on tax liens using mortgage foreclosure procedures under Real Property Actions and Proceedings Law, with 60-day notice to property owner before commencing suit and property owner redemption rights for up to two years post-sale.
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Expands the definition of "taxing jurisdiction" to include municipal corporations, special districts, and county tax collection agencies; repeals former restrictions on loan corporation qualifications and related tax sale provisions.
Legislative Description
Modifies provisions for the payment of delinquent taxes by permitting any person or entity to lend the money to the property owner therefor, with the lender to pay the taxing jurisdiction and receive a conditional tax receipt; requires recording of tax liens; provides for foreclosure of a conditional tax receipt like a mortgage.
Last Action
referred to real property taxation
1/3/2024