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NY A07497
Bill
Status
3/28/2025
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
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Expands who can pay delinquent property taxes on behalf of owners from loan corporations to any corporation, limited liability company, or partnership registered in New York, upon receipt of an affidavit from the property owner authorizing payment
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Requires taxing jurisdictions to accept payments from lending entities and issue conditional tax receipts that transfer the tax lien to the lender, with the lien recorded in the county clerk's office to be enforceable
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Caps interest rates that lending entities can charge at 1.25% per month, with only fees exceeding 10% of the loan amount included in effective rate calculations
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Allows lending entities holding transferred tax liens to foreclose on properties in default using mortgage foreclosure procedures under Article 13 of the Real Property Actions and Proceedings Law, after providing 60 days written notice to cure
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Grants property owners redemption rights for up to two years after foreclosure sale, paying the purchase price plus 18% annual interest or 125-150% of the purchase price, whichever is less
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
1/7/2026