Bill > A07708

This bill introduces new protections for homeowners against potentially fraudulent deed transfers by implementing several key provisions. First, the bill requires that any deed transfer in New York state must include a bold, explicit warning statement directly on the document or in an addendum, clearly stating "YOU ARE HEREBY MADE AWARE THAT BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR HOME", which must be notarized by the person transferring the property. If a person or corporation fails to include this warning or does not complete the required notarization, they could be charged with a class E felony. Additionally, the bill specifically invalidates any deed transfer from a borrower to a mortgage servicer that occurs as part of a mortgage modification, rendering such transfers legally unenforceable. The banking department is granted authority to investigate claims of fraudulent deed transfers, including those that violate these new provisions. These measures are designed to protect homeowners from being misled or tricked into unknowingly transferring the ownership of their property, particularly during complex mortgage-related transactions.

Justice

https://www.nysenate.gov/legislation/bills/2025/A7708