New York Senate Bill S05829 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5829--A 2023-2024 Regular Sessions  IN SENATE March 17, 2023 ___________ Introduced by Sens. SALAZAR, SANDERS, BRISPORT, COMRIE, GONZALEZ, GOUNARDES, RAMOS -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Communi- ty Development -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property actions and proceedings law, in relation to notices required prior to mortgage foreclosure The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The opening paragraph of subdivision 1 of section 1304 of 2 the real property actions and proceedings law, as amended by section 6 3 of part Q of chapter 73 of the laws of 2016, is amended to read as 4 follows: 5 Notwithstanding any other provision of law, with regard to a home 6 loan, at least ninety days before a lender, an assignee or a mortgage 7 loan servicer commences legal action against the borrower, or borrowers 8 at the property address and any other address of record, including mort- 9 gage foreclosure, such lender, assignee or mortgage loan servicer shall 10 give notice to the borrower in at least fourteen-point type which shall 11 include only the following: 12 § 2. The opening paragraph of subdivision 1-a of section 1304 of the 13 real property actions and proceedings law, as added by section 3 of part 14 HH of chapter 58 of the laws of 2018, is amended to read as follows: 15 Notwithstanding any other provision of law, with regard to a reverse 16 mortgage home loan, at least ninety days before a lender, an assignee or 17 a mortgage loan servicer commences legal action against the borrower or 18 borrowers at the property address and any other addresses of record, 19 including reverse mortgage foreclosure, such lender, assignee or mort- 20 gage loan servicer shall give notice to the borrower in at least four- 21 teen-point type except for the heading which shall be in at least 22 sixteen-point type which shall include only the following: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09739-02-3 
 S. 5829--A 2 1 § 3. Section 1304 of the real property actions and proceedings law is 2 amended by adding a new subdivision 8 to read as follows: 3 8. To establish compliance with this section, the lender, assignee or 4 mortgage loan servicer shall evidence strict compliance with the subdi- 5 visions of this section, as pertinent, and shall demonstrate that the 6 lender, assignee or mortgage loan servicer was entitled to enforce the 7 subject note and mortgage at the time the notices were sent. 8 § 4. Severability clause. If any clause, sentence, paragraph, section 9 or part of this act shall be adjudged by any court of competent juris- 10 diction to be invalid, such judgment shall not affect, impair or invali- 11 date the remainder thereof, but shall be confined in its operation to 12 the clause, sentence, paragraph, section or part thereof directly 13 involved in the controversy in which such judgment shall have been 14 rendered. 15 § 5. This act shall take effect immediately.