NY A02739

Requires mortgagees to accept any payment received at the specified location and manner indicated in a payoff statement, prohibiting them from returning or destroying such payments

Mandates that mortgagees promptly apply accepted payments to unpaid principal, interest, or other amounts due under the mortgage

Maintains existing penalties for mortgagees who fail to file satisfaction of mortgage documents: $500 for failure within 30 days, $1,000 within 60 days, and $1,500 within 90 days

Exempts from penalty requirements any person or entity making fewer than five mortgage loans per calendar year

Takes effect immediately upon passage