Senate Bill S5022

Signed By Governor
2013-2014 Legislative Session

Authorizes the city of Middletown to enter into a contract to use delinquent tax liens as collateral for a loan

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Archive: Last Bill Status - Signed by Governor


  • 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-S5022 (ACTIVE) - Details

See Assembly Version of this Bill:
A6731
Law Section:
Taxation

2013-S5022 (ACTIVE) - Summary

Authorizes the city of Middletown to enter into a contract to use delinquent tax liens as collateral for a loan.

2013-S5022 (ACTIVE) - Sponsor Memo

2013-S5022 (ACTIVE) - Bill Text download pdf

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

                                  5022

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 6, 2013
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to authorize the city of Middletown to enter into a  contract  to
  sell  or pledge as collateral for a loan some or all of the delinquent
  liens held by such city to a private party or engage a  private  party
  to collect some or all of the delinquent tax liens held by it

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

  Section 1. Notwithstanding any provision of any  general,  special  or
local  law  to  the  contrary,  the  city of Middletown may enter into a
contract to sell some or all of the delinquent tax liens held by it to a
private party, subject to the following conditions:
  (a) The consideration to be paid for a  sale  of  the  delinquent  tax
liens  held  by  it  may be more or less than the face amount of the tax
liens sold.
  (b) Property owners shall be given at least 30 days advance notice  of
sale  in  the  same  form  and manner as is provided by subdivision 2 of
section 1190 of the real property  tax  law.  Failure  to  provide  such
notice  or the failure of the addressee to receive the same shall not in
any way affect the validity of any sale of a tax lien or  tax  liens  or
the  validity  of  the  taxes or interest prescribed by law with respect
thereto.
  (c) The city of Middletown shall set the terms and conditions  of  the
contract of sale or loan.
  (d)  The  tax lien purchaser must 30 days prior to the commencement of
any foreclosure action provide to the city of Middletown a list of liens
to be foreclosed. The city of Middletown may, at  its  sole  option  and
discretion,  repurchase a lien or liens on the foreclosure list from the
tax lien purchaser. The repurchase price shall be the amount of the lien
or liens plus any accrued interest and collection fees incurred  by  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10323-01-3
              

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