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Bill > S05473

NY S05473

NY S05473
Relates to the rights of parties involved in foreclosure actions; provides additional details regarding the commencement and termination of certain actions related to real property.

summary

Introduced
03/08/2021
In Committee
01/05/2022
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

2021-2022 General Assembly

Bill Summary

Relates to the rights of parties involved in foreclosure actions; allows the mortgagee, or mortgagor and borrower to recover attorney fees; adds language to notices advising borrowers of the possibility of an impending foreclosure action to seek advice from licensed attorneys.

AI Summary

This bill relates to the rights of parties involved in foreclosure actions. It allows the mortgagee (lender) or mortgagor (borrower) to recover attorney fees, and adds language to notices advising borrowers of the possibility of an impending foreclosure action to seek advice from licensed attorneys. The bill also provides additional details regarding the commencement and termination of certain actions related to real property, including limitations on the ability to unilaterally waive, postpone, or reset the accrual of a cause of action upon an instrument, and the effect of a voluntary discontinuance of such action. The bill applies to all actions commenced on the relevant instruments where a final judgment of foreclosure and sale has not been enforced.

Committee Categories

Justice

Sponsors (38)

James Sanders (D)*,  Joe Addabbo (D),  Jamaal Bailey (D),  Alessandra Biaggi (D),  Jabari Brisport (D),  Samra Brouk (D),  Cordell Cleare (D),  Leroy Comrie (D),  Jeremy Cooney (D),  Simcha Felder (D),  James Gaughran (D),  Andrew Gounardes (D),  Pete Harckham (D),  Michelle Hinchey (D),  Brad Hoylman (D),  Robert Jackson (D),  Todd Kaminsky (D),  Anna Kaplan (D),  Brian Kavanagh (D),  Timothy Kennedy (D),  Liz Krueger (D),  John Liu (D),  John Mannion (D),  Michael Martucci (R),  Rachel May (D),  Shelley Mayer (D),  Zellnor Myrie (D),  Tony Palumbo (R),  Jessica Ramos (D),  Elijah Reichlin-Melnick (D),  Gustavo Rivera (D),  Sean Ryan (D),  Julia Salazar (D),  Diane Savino (D),  Luis Sepúlveda (D),  James Skoufis (D),  Toby Stavisky (D),  Kevin Thomas (D), 

Last Action

SUBSTITUTED BY A7737B (on 05/03/2022)
(2 Companion Bills)

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