Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to judiciary returned to senate died in assembly |
Jun 11, 2013 |
referred to judiciary delivered to assembly passed senate |
Jun 10, 2013 |
ordered to third reading cal.1179 committee discharged and committed to rules |
Jan 15, 2013 |
referred to judiciary |
Senate Bill S2312
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary 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
Actions
Votes
co-Sponsors
(R, C) Senate District
(R, C, IP) Senate District
2013-S2312 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Real Property Law
- Laws Affected:
- Amd §275, RP L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S2566
2011-2012: S2906
2015-2016: S25
2013-S2312 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2312 TITLE OF BILL: An act to amend the real property law, in relation to allowing an assignment of mortgage in lieu of a certificate of discharge PURPOSE: To allow property owners who have paid off their mortgage as part of refinancing their property with a new bank to get either a certificate of discharge or an assignment of the mortgage. SUMMARY OF PROVISIONS: The bill amends subdivision 2 of § 275 of the Real Property Law to allow a property owner who has paid off a mortgage to demand either an assignment of their mortgage or a certificate of discharge from the bank which holds the mortgage. The assignment or certificate of discharge shall be available only for refinancing purposes thereby preventing the problem of dormant mortgages. If the mortgagor wishes an assignment rather than a certificate of discharge, the demand must be made in writing and state that the reason for the assignment is to effectuate the refinancing of an existing loan with a new lender. The original lender shall then assign the note and mortgage securing its payment to another lender. JUSTIFICATION: Prior to 1989, § 275 of the Real Property Law allowed an owner of property covered by a mortgage to demand an assignment of a mortgage in lieu of a certificate of discharge whenever the "full amount of the principal and interest due on the mortgage is tendered
2013-S2312 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2312 2013-2014 Regular Sessions I N S E N A T E January 15, 2013 ___________ Introduced by Sens. DeFRANCISCO, LARKIN, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to allowing an assignment of mortgage in lieu of a certificate of discharge THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 275 of the real property law is amended by adding a new closing paragraph to read as follows: IN THE SITUATION PROVIDED FOR IN PARAGRAPH (C) OF THIS SUBDIVISION, THE MORTGAGOR, AT HIS OR HER OPTION MAY DEMAND AN ASSIGNMENT OF THE MORTGAGOR'S NOTE AND MORTGAGE SECURING ITS PAYMENT TO ANOTHER LENDER. THE ORIGINAL LENDER SHALL ASSIGN THE MORTGAGOR'S NOTE AND MORTGAGE SECURING ITS PAYMENT TO ANOTHER LENDER UPON SUCH DEMAND. THE DEMAND FOR THE ASSIGNMENT OF MORTGAGE SHALL BE MADE BY THE MORTGAGOR TO THE MORTGA- GEE IN WRITING WITHIN TWENTY DAYS OF CLOSING ON THE REFINANCING AND SHALL STATE THAT THE PURPOSE FOR SUCH ASSIGNMENT IS TO EFFECTUATE THE REFINANCING OF THE EXISTING LOAN WITH A NEW LENDER. THE PERSON SIGNING THE ASSIGNMENT SHALL DELIVER THE ASSIGNMENT AND ANY NECESSARY ACCOMPANY- ING PAPERS OR AFFIDAVITS AT LEAST TWO DAYS PRIOR TO SUCH CLOSING, TO THE ESCROW AGENT DESIGNATED BY THE MORTGAGOR AND THE MORTGAGEE OR ORIGINAL LENDER. UPON CLOSING, THE ESCROW AGENT SHALL TRANSMIT THE ASSIGNMENT AND ANY NECESSARY ACCOMPANYING PAPERS OR AFFIDAVITS TO THE NEW LENDER OR MORTGAGEE. THE PROVISIONS OF THIS PARAGRAPH SHALL NEITHER EXPAND NOR DIMINISH THE LIABILITY AGAINST A MORTGAGEE WHO, AFTER A GOOD FAITH EFFORT, IS UNABLE TO DELIVER THE NOTE TO THE ESCROW AGENT BECAUSE THE NOTE WAS MISPLACED OR LOST. S 2. This act shall take effect on the thirtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04622-01-3
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