Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to investigations and government operations |
May 14, 2015 |
referred to investigations and government operations |
Senate Bill S5536
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
2015-S5536 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §255, Tax L
2015-S5536 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5536 TITLE OF BILL: An act to amend the tax law, in relation to facilitating mortgage refi- nancing SUMMARY OF PROVISIONS: Section 1 - Paragraph (c) of subdivision 1 of section 255 of the tax law is relettered paragraph (d) and a new paragraph (c) is added. Section 2 - Amends subdivision 2 of section 255 of the tax law, as amended by chapter 409 of the laws of 1986. JUSTIFICATION: This bill would both streamline and create uniformed standards for refi- nancing of mortgages. It would do so by using the payoff statement provided by the lender as proof of the remaining balance to be refi- nanced. Using this statement would alleviate the current requirements of the lendee to provide other payoff documentation which in some instances can prove to be an extremely onerous process. When necessary any personal information can be readapted from the letter. LEGISLATIVE HISTORY:
2015-S5536 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5536 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to facilitating mortgage refi- nancing THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 1 of section 255 of the tax law is relettered paragraph (d) and a new paragraph (c) is added to read as follows: (C) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBDIVISION IF THE DEBT EVIDENCED OR SECURED BY AN INSTRUMENT OR MORTGAGE IS REFINANCED, UPON WHICH ALL RECORDING TAXES DUE AND PAYABLE HAVE BEEN PAID, AND UPON THE PAYOFF OF THE EXISTING DEBT A SATISFACTION IS INTENDED TO BE RECORDED; THEN, UPON THE RECORDING OF A NEW MORTGAGE TO THE SAME OBLIGER OR OBLIGERS, SUCH NEW INSTRUMENT OR MORTGAGE MAY BE RECORDED WITHOUT THE PAYMENT OF ANY NEW OR ADDITIONAL TAXATION UNDER THIS ARTICLE UP TO AN AMOUNT EQUAL TO THE UNPAID PRINCIPAL BALANCE OF THE EXISTING DEBT BEING SATISFIED SIMULTANEOUSLY THEREWITH, AND A TAX UNDER SECTION TWO HUNDRED FIFTY-THREE OF THIS ARTICLE WILL ONLY BE IMPOSED UPON ANY AMOUNT IN EXCESS OF THE UNPAID PRINCIPAL BALANCE OF THE EXISTING DEBT. S 2. Subdivision 2 of section 255 of the tax law, as amended by chap- ter 409 of the laws of 1986, is amended to read as follows: 2. (a) (I) If, at the time of recording such instrument or additional mortgage, any exemption is claimed under this section, there shall be filed with the recording officer and preserved in his office a statement under oath of the facts on which such claim for exemption is based. The determination of the recording officer upon the question of exemption shall be reviewable by the [tax commission] DEPARTMENT. (II) IF AT THE TIME OF RECORDING A NEW INSTRUMENT OR MORTGAGE AS PROVIDED FOR IN PARAGRAPH (C) OF SUBDIVISION ONE OF THIS SECTION, ANY EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11161-01-5
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