BILL NUMBER: S8768
SPONSOR: BAILEY
 
TITLE OF BILL:
An act to amend the real property law and the real property actions and
proceedings law, in relation to the discharge of a mortgage; and to
amend a chapter of the laws of 2025 amending the real property law and
the real property actions and proceedings law relating to discharge of a
mortgage, as proposed in legislative bills numbers S. 6363 and A. 2739,
in relation to the effectiveness thereof
 
PURPOSE:
This is a chapter amendment that makes changes to L.2025, C.623.
 
SUMMARY OF PROVISIONS:
This legislation amends the underlying chapter by clarifying when a
mortgagee may return, destroy, or otherwise refuse a payment made pursu-
ant to the terms of a payoff letter.
 
JUSTIFICATION:
This legislation is a negotiated change to the underlying chapter.
 
LEGISLATIVE HISTORY:
Chapter amendment to Chapter 623 of the Laws of 2025.
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act shall take effect on the same date and in the same manner as a
chapter of the laws of 2025 amending the real property law and the real
property actions and proceedings law relating to discharge of a mort-
gage, as proposed in legislative bills numbers S. 6363 and A. 2739,
takes effect.