BILL NUMBER: S9309
SPONSOR: BRISPORT
 
TITLE OF BILL:
An act to amend the banking law, in relation to enacting the "deed
protection act"
 
SUMMARY OF PROVISIONS:
Section one establishes the title as the "Deed Protection Act."
Section two adds new section 6-q to the banking law, providing
restrictions on lending institutions that fail to conduct due diligence
regarding deed theft.
 
JUSTIFICATION:
Citizens throughout the state have reported that they have lost homes
due to fraudulent mortgages borrowed against homes that they own. It is
incumbent upon financial institutions to verify the rightful owner of a
property prior to issuing a loan against it.
 
PRIOR LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.