NY S02546

Amends Real Property Actions and Proceedings Law section 1972 regarding abandoned multiple dwellings in cities, towns, or villages

Requires mortgagees or lienors to either commence foreclosure proceedings and move for appointment of a receiver, or take possession of the premises as provided in the mortgage, within 15 days of receiving notice

Mandates that buildings be brought into compliance with applicable law within 90 days of receiver appointment or taking possession, unless a longer period is agreed upon with the department

Authorizes the department to institute proceedings if: the receiver application is denied, the receiver fails to bring the building into compliance within 90 days, or the mortgagee/lienor in possession fails to achieve compliance within 90 days

Takes effect 120 days after becoming law and applies to proceedings commenced on or after that date