Bill > A05516

This bill amends the Real Property Actions and Proceedings Law to introduce new procedures for appointing foreclosure receivers and managing agents specifically in cities with a population of one million or more (which effectively means New York City). The bill allows the city agency responsible for overseeing residential property regulations to submit a pre-approved list of qualified receivers to the chief administrative judge of the supreme court. Once such a list is submitted, courts will be required to only appoint receivers from this list, and those receivers will similarly be restricted to appointing managing agents only from the same list. This change aims to provide greater oversight and quality control in the process of appointing receivers and managing agents during mortgage foreclosure actions, by ensuring that only pre-vetted, agency-approved professionals can be selected for these roles. The bill maintains existing provisions about appointment notices for foreclosure actions and will take effect immediately upon passage.

Justice

https://www.nysenate.gov/legislation/bills/2025/A5516