BILL NUMBER: S7933A
SPONSOR: COONEY
 
TITLE OF BILL:
An act to amend the real property actions and proceedings law, in
relation to registrations of residential mortgages in default
 
PURPOSE:
The purpose of this bill is to update the law related to registrations
of residential mortgages in default
 
SUMMARY OF PROVISIONS:
Section one: amends Subdivisions 3 and 8 of section 1393 of the real
property actions and proceedings law, as added by chapter 600 of the
laws of 2022. This section increases the registration of residential
mortgages fee from seventy-five to three hundred dollars annually, which
is prohibited from being passed along to the mortgagor in default.
Section 1 again establishes a new private right of action for any person
that has been damaged because of the mortgage and/or its agents passing
down fees to the mortgagor in default.
Section two: sets the effective date
 
JUSTIFICATION:
Mortgage in default registries can be a useful tool for municipalities
to know which properties may be at risk of foreclosure. This bill is
needed to ensure these registries can be sustained with and ensure mort-
gagors are adequately protected from being assessed fees for such regis-
tries.
 
LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S7933A: 1393 real property actions and proceedings law, 1393(3) real property actions and proceedings law