BILL NUMBER: S9731
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the real property law and the executive law, in relation
to establishing a statewide property recording alert system to prevent
deed theft and real estate fraud; and to amend the state finance law, in
relation to establishing the county recording modernization fund
 
PURPOSE OR GENERAL IDEA OF BILL:
To create a uniform, statewide property recording alert system that
notifies homeowners in real time whenever an instrument affecting their
property is recorded, thereby preventing deed theft, mortgage fraud, and
other predatory real estate practices.
 
SUMMARY OF PROVISIONS:
Section 1: Provides the short title of the act.
Section 2: Sets forth the legislative findings and intent.
Section 3: Amends the real property law by adding a new section 316-c,
to establish a statewide electronic property recording alert system.
Section 4: Amends the executive law by adding a new section 94-e, to
mandate coordination between the Department of State and the Attorney
General in the referral of dead-theft cases.
Section 5: Amends the state finance law by adding a new section 96-a, to
establish the County Recording Modernization Fund administered by the
State Comptroller and the Commissioner of Taxation and Finance.
Section 6: Severability clause.
Section 1: Provides the effective date of the act.
 
JUSTIFICATION:
Deed theft and fraudulent property transfers are devastating crimes that
strip families of their homes and communities of generational wealth.
They disproportionately target seniors, immigrants, and homeowners of
color. While New York City's ACRIS system demonstrates the value of
homeowner alerts, most New Yorkers outside the city lack such
protection. This bill closes that gap, ensuring every homeowner-from
Brooklyn to Buffalo-has equal access to fraud prevention.
The Protect Our Homes Act is not just about preventing theft; it is
about modernizing government services. By digitizing records, standard-
izing systems, and expanding language and accessibility, New York will
set the national gold standard for technology-driven consumer
protection.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
Startup Costs (2 years): -$39 million (statewide platform + county
integration).
Annual Operating Costs: $14 million, offset by surcharges ($6M annually)
and penalties.
Long-term savings: reduced fraud litigation, foreclosure costs, and
displacement.
 
EFFECTIVE DATE:
This act shall take effect eighteen months after it shall have become a
law; provided, however, that the department of state may promulgate
rules and regulations necessary for the implementation of this act imme-
diately.