Bill > S04703

This bill requires recording officers in New York to refuse recording or accepting any mortgage or mortgage assignment from a non-natural entity (like a corporation or LLC) unless it is accompanied by a specific "Mortgage Ownership Assignment Document" that includes details such as the mortgagee's name, address, phone number, date of acknowledgment, and an authorized representative's information. The document must be filed within 90 days of the mortgage's acknowledgment, and any mortgagee or assignee who fails to comply will be subject to a $250 civil penalty payable to the recording officer. The penalty funds will be used to support recording officer operations. The law will take effect 90 days after becoming law and will apply to all mortgages or assignments executed on or after that date, with the goal of increasing transparency and accountability in real estate transactions by ensuring more complete documentation of mortgage transfers.

Justice

https://www.nysenate.gov/legislation/bills/2025/S4703