Assembly Bill A2860

2013-2014 Legislative Session

Makes a scheme to defraud a person in obtaining a credit loan secured by an interest in real property a felony

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A2860 (ACTIVE) - Details

Current Committee:
Assembly Codes
Law Section:
Penal Law
Laws Affected:
Add §190.62, Pen L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2586
2011-2012: A3327
2015-2016: A4600, A9975

2013-A2860 (ACTIVE) - Summary

Makes a scheme to defraud a person in obtaining a credit loan secured by an interest in real property a felony; applies to reverse redlining situations; provides for various felony grades depending on the amount of money involved.

2013-A2860 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2860

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 18, 2013
                               ___________

Introduced  by M. of A. CLARK -- read once and referred to the Committee
  on Codes

AN ACT to amend the penal law, in relation to a  scheme  to  defraud  in
  obtaining a credit loan secured by an interest in real property

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative findings. The legislature has found  that  many
senior  citizens  and minority homeowners in New York have been targeted
by unethical home improvement contractors and finance companies who  are
selling them high interest and fraudulently obtained mortgages. In order
to  entice  senior  and  minority  homeowners  to  take these loans, the
contractors and finance companies offer to refinance primary  mortgages,
consolidate  loans and outstanding bills, and give the mortgagor cash at
the loan's closing. In most instances the homeowner is unaware  that  he
or  she  is taking out a mortgage on his or her house and that a default
in payment will lead to a foreclosure. In addition, many of these senior
and minority homeowners live on a fixed income and are  unable  to  make
any loan payments because the monthly payment exceeds his or her income.
  The  legislature  further  finds that unethical finance companies have
engaged in a pattern and practice of refinancing these mortgages,  which
further  decreases  the  senior and minority homeowners equity in his or
her home. These loans often contain  exorbitant  points,  high  interest
rates,  and  have monthly payments that exceed the homeowners income. In
most instances, senior and minority homeowners are unable to  pay  these
mortgages and lose their home to foreclosure.
  The legislature further finds that communities that consist of predom-
inantly  senior  and minority homeowners have been specifically targeted
for this crime.
  S 2. The penal law is amended by adding a new section 190.62  to  read
as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06706-01-3

              

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