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NY S02117
Bill
Status
6/11/2025
Primary Sponsor
Patricia Fahy
Click for details
AI Summary
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Requires the Superintendent of Financial Services to establish regulations setting standards for determining whether to prosecute violations regarding residential real property under this article
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Mandates that the Department of Financial Services (DFS) defer to municipalities when both entities have authority to prosecute a violation, requiring DFS to obtain confirmation that the municipality does not intend to prosecute before proceeding
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Directs that civil penalties collected from successful DFS prosecutions of residential property violations be paid to DFS to fund future enforcement actions
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Defines "residential real property" as any building or structure in New York that is or may be used as a home or residence, including mixed-use residential and commercial properties
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Takes effect 60 days after becoming law, with immediate authorization for DFS to begin drafting necessary regulations
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 HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
1/7/2026