Bill Text: NY A04196 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 4196 (Prior Session Legislation)

Introduced

Bill Title: Requires mortgage investing institutions or their contracted vendors to be financially responsible for any interest or penalties charged as a result of an erroneous mortgage registration filed by such institution or vendor.

Spectrum: Moderate Partisan Bill (Republican 5-1)

Status: (Introduced - Dead) 2016-05-24 - held for consideration in banks [A04196 Detail]

Download: New_York-2015-A04196-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4196
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 29, 2015
                                      ___________
       Introduced  by  M.  of  A.  MONTESANO  --  read once and referred to the
         Committee on Banks
       AN ACT to amend the real property tax  law,  in  relation  to  requiring
         mortgage  investing  institutions  or  their  contracted vendors to be
         financially responsible for any interest or  penalties  charged  as  a
         result of an erroneous mortgage registration filed by such institution
         or vendor
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 953 of the real property  tax  law  is  amended  by
    2  adding a new subdivision 8-b to read as follows:
    3    8-B. ANY MORTGAGE INVESTING INSTITUTION OR ITS CONTRACTED VENDOR WHICH
    4  DOES NOT COMPLY WITH THE PROVISIONS OF SUBDIVISION EIGHT OF THIS SECTION
    5  WHEN  A  MORTGAGE INVESTING INSTITUTION OR ITS CONTRACTED VENDOR FILES A
    6  REGISTRATION OF MORTGAGE WITH  THE  COLLECTING  OFFICER  FOR  AN  ESCROW
    7  AMOUNT  RELATIVE  TO A TAXABLE PARCEL AND THAT REGISTRATION PROVES TO BE
    8  ERRONEOUS, THE MORTGAGE INVESTING INSTITUTION OR ITS  CONTRACTED  VENDOR
    9  SHALL  BE  FINANCIALLY  RESPONSIBLE  FOR INTEREST OR PENALTIES CHARGED A
   10  PROPERTY OWNER BY A TAXING MUNICIPALITY, COUNTY, AND/OR  DELINQUENT  TAX
   11  ENFORCEMENT  AGENCY  FOR  NON-PAYMENT  OR  LATE PAYMENT OF REAL PROPERTY
   12  TAXES DUE TO THE ERRONEOUS REGISTRATION.
   13    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07933-01-5