Bill > A07922

This bill amends various laws to clarify and protect the rights of parties involved in foreclosure actions. Key provisions include: 1) Preventing parties from unilaterally waiving, postponing, or cancelling the accrual of a cause of action related to a foreclosure instrument. 2) Allowing a plaintiff to file a new action within 6 months if the original foreclosure action was terminated in a manner other than by voluntary discontinuance, lack of jurisdiction, or a final judgment on the merits. 3) Establishing a rebuttable presumption that all substantive conditions precedent to accrual of a foreclosure cause of action have been satisfied, which may help streamline the foreclosure process. 4) Clarifying that the prohibition on bringing additional actions to recover the mortgage debt during a pending foreclosure action does not constitute a statutory stay that would toll the statute of limitations. The bill also includes a severability clause and delayed effective dates for certain provisions to allow time for compliance.

Justice

https://www.nysenate.gov/legislation/bills/2021/A7922