BILL NUMBER: S8595
SPONSOR: MYRIE
 
TITLE OF BILL:
An act to amend the real property actions and proceedings law, in
relation to directing how certain valuations and computations of the
amount due are calculated in certain foreclosure actions
 
PURPOSE:
To amend the real property actions and proceedings law to ensure trans-
parent processes by court appointed referees in foreclosure proceedings.
 
SUMMARY OF PROVISIONS:
Section 1 amends section 1321 of the real property actions and
proceedings law by adding a new subdivision 3.
Section 2 amends section the real property actions and proceedings law
by adding in a new section 1351-a.
Section 3 sets for the effective date.
 
JUSTIFICATION:
When a foreclosed property is sold at auction, lienholders and court-ap-
pointed referees help the court determine the amount of debt or surplus,
if any, that remains after the sale. This bill creates a more transpar-
ent process for the computation of these amounts, ensuring consistency
for plaintiffs and defendants in foreclosure proceedings.
 
LEGISLATIVE HISTORY:
This is a new bill.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become a law. Effective immediately, the addition, amendment and/or
repeal of any rule or regulation necessary for the implementation of
this act on its effective date are authorized to be made and completed
on or before such effective date.

Statutes affected:
S8595: 1321 real property actions and proceedings law