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NY A07708
Bill
Status
4/8/2025
Primary Sponsor
Charles Lavine
Click for details
AI Summary
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Requires all real property conveyances to include bold warning language stating "YOU ARE HEREBY MADE AWARE THAT BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR HOME" with a notarized signature line for the transferor
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Recording officers are prohibited from recording any deed that lacks the required warning language and signed acknowledgement
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Failure to include the warning language or obtain the transferor's signed acknowledgement constitutes a class E felony
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Invalidates deed transfers from borrowers to mortgage servicers when transferred as part of a mortgage modification agreement
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Grants the Department of Financial Services authority to investigate fraudulent deed transfers, including those involving mortgage servicers violating the new requirements
Legislative Description
Relates to preventing fraudulent deed transfers; protects home owners from being misled into transferring their home to mortgage servicers.
Last Action
referred to judiciary
1/7/2026