NY A04702

Allows property owners to voluntarily authorize transfer of their property tax liens to private entities (property tax payors) who pay the delinquent taxes on their behalf.

Requires a sworn affidavit (tax lien transfer authorization) from the property owner and creation of a tax lien transfer certificate recorded with the county clerk to effectuate the lien transfer.

Permits property tax payors to collect fees including application fee (up to $250), title charges (up to $400), attorney's fees (up to $1,000), closing costs (up to $500), and interest not exceeding 1.5% per month on amounts owed.

Establishes foreclosure procedures allowing property tax payors to foreclose on transferred liens after one year using mortgage foreclosure rules, with recovery of reasonable attorney's fees and court-approved costs.

Grants property owners and first mortgage lienholders the right to redeem foreclosed property within 180 days by paying 120% of the foreclosure sale price plus documented maintenance costs.