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NY A08403
Bill
Status
5/13/2025
Primary Sponsor
Gabriella Romero
Click for details
AI Summary
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Requires the Superintendent of Financial Services to establish by regulation standards for determining whether the Department of Financial Services (DFS) should prosecute violations related to residential real property
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Establishes municipal deference rule requiring DFS to obtain confirmation that a municipality does not intend to prosecute a violation before DFS can pursue the same case when both have authority
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Directs civil penalties from successful DFS prosecutions of residential real property violations to be paid to DFS for funding future enforcement actions
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Defines "residential real property" as any property in New York with buildings used wholly or partly as residences, including mixed-use residential and commercial structures
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Takes effect 60 days after becoming law, with immediate authority to promulgate necessary regulations before the effective date
Legislative Description
Relates to prosecution by the department of financial services (DFS) and municipalities of certain violations regarding residential real property by mortgage lenders and similar entities; directs DFS to promulgate standards of review of whether to prosecute such violations; requires deference to municipalities where both the municipality and DFS are authorized to prosecute such a violation; directs payments of civil penalties issued pursuant to such violations to be paid to DFS if DFS is the prosecuting entity.
Last Action
referred to judiciary
1/7/2026