NY A05516

Allows housing agencies in cities with populations of one million or more (New York City) to submit a list of qualified individuals to serve as receivers or managing agents in mortgage foreclosure actions

Requires the agency list to be submitted to the chief administrative judge of the supreme court for approval

Restricts courts in these large cities to only appointing receivers whose names appear on the agency-approved list

Mandates that appointed receivers may only hire managing agents who also appear on the agency-approved list

Takes effect immediately upon passage