NY A06699

Prohibits parties from unilaterally waiving, postponing, canceling, or resetting the accrual of a cause of action on mortgage instruments, preventing lenders from extending the statute of limitations on foreclosure claims

Establishes that for standardized mortgage instruments (Fannie Mae, Freddie Mac, HUD), the limitations period begins when the right to demand full payment may be exercised, with a rebuttable presumption that conditions for foreclosure have been satisfied

Limits the effect of discontinuing a foreclosure action, preventing discontinuance from acting as a waiver or reset of the statute of limitations accrual, extending the limitations period, or automatically revoking an election of remedies

Requires any waiver or extension of the limitations period to comply with Article 17 of the General Obligations Law

Provides a one-year grace period for claims that would otherwise be time-barred upon the act's effective date or have less than one year remaining on their limitations period