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A01563 Summary:

SPONSORMagnarelli (MS)
COSPNSRMcDonald, Fahy, Buchwald, Miller MG, Jaffee, Brindisi, Gunther, Otis, Steck, Ortiz, Skoufis, Joyner, Blake, Jean-Pierre, Galef, Walker, Hyndman
MLTSPNSRCook, Englebright, Magee, Skartados, Thiele
Add §1392, RPAP L
Enacts the "zombie" property remediation act of 2018.
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A01563 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 12, 2017
        Introduced by M. of A. MAGNARELLI, McDONALD, FAHY, BUCHWALD, M. G. MILL-
          BLAKE, JEAN-PIERRE, GALEF, WALKER, HYNDMAN -- Multi-Sponsored by -- M.
          of A.  COOK, ENGLEBRIGHT, MAGEE, THIELE -- read once and  referred  to
          the  Committee on Judiciary -- recommitted to the Committee on Judici-
          ary  in  accordance  with  Assembly  Rule  3,  sec.  2  --   committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN  ACT  to  amend  the  real  property  actions and proceedings law, in
          relation to authorizing municipalities to compel mortgagees either  to
          complete  a  mortgage foreclosure proceeding pursuant to article 13 of
          the real property actions and proceedings law or to  issue  a  certif-
          icate  of  discharge  of  the mortgage for any property which has been
          certified abandoned pursuant to real property actions and  proceedings
          law section 1971
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "zombie property remediation act of 2018".
     3    §  2.  The  real  property  actions  and proceedings law is amended by
     4  adding a new section 1392 to read as follows:
     5    § 1392. Foreclosure actions involving  abandoned  properties.    If  a
     6  property  has  been  certified  abandoned  pursuant  to section nineteen
     7  hundred seventy-one of this chapter,  or  deemed  vacant  and  abandoned
     8  pursuant  to  section  thirteen  hundred nine of this article, the city,
     9  village, or town in  which  the  property  is  located  may  commence  a
    10  proceeding  in  a court of competent jurisdiction in the county in which
    11  the property is located to compel any or all mortgagees to: (a)  if  the
    12  note is in default, the mortgagee shall commence a foreclosure procedure
    13  within  three  months  and move the case to judgment within a reasonable
    14  time period but not to exceed one year; (b) if a foreclosure has already
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 1563--A                          2
     1  been commenced, file the necessary motions and  paperwork  to  move  the
     2  case to judgment foreclosure within three months; or (c) issue a certif-
     3  icate of discharge of the mortgage within three months and file a satis-
     4  faction of the mortgage with the appropriate local office.
     5    § 3. This act shall take effect immediately.
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