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A08403 Summary:

BILL NOA08403
 
SAME ASSAME AS S02117
 
SPONSORRomero
 
COSPNSR
 
MLTSPNSR
 
Add §1360, RPAP L
 
Relates to prosecution by the department of financial services (DFS) and municipalities of certain violations regarding residential real property by mortgage lenders and similar entities; directs DFS to promulgate standards of review of whether to prosecute such violations; requires deference to municipalities where both the municipality and DFS are authorized to prosecute such a violation; directs payments of civil penalties issued pursuant to such violations to be paid to DFS if DFS is the prosecuting entity.
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A08403 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8403
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 13, 2025
                                       ___________
 
        Introduced by M. of A. ROMERO -- read once and referred to the Committee
          on Judiciary
 
        AN  ACT  to  amend  the  real  property  actions and proceedings law, in
          relation to prosecution by the department of  financial  services  and
          municipalities  of certain violations regarding residential real prop-
          erties

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The real property actions and proceedings law is amended by
     2  adding a new section 1360 to read as follows:
     3    §   1360.   Superintendent   of  financial  services;  prosecution  of
     4  violations.  1. The superintendent of financial services  shall  promul-
     5  gate,  by  regulation,  standards  of  review  for determinations by the
     6  department of financial services  of  whether  to  prosecute  violations
     7  regarding residential real property, as authorized under this article.
     8    2.  Where  the department of financial services and a municipality are
     9  both authorized to prosecute  a  violation  regarding  residential  real
    10  property  under this article, the department of financial services shall
    11  not seek to prosecute such violation  unless  it  receives  confirmation
    12  from  such municipality that such municipality does not intend to prose-
    13  cute such violation itself.
    14    3. Where a hearing officer or court of competent jurisdiction  decides
    15  in  favor of the department of financial services in a proceeding alleg-
    16  ing a violation regarding residential real property under this  article,
    17  the proceeds of any civil penalty issued pursuant to such decision shall
    18  be  payable  to the department of financial services for the purposes of
    19  prosecuting future violations under this article.
    20    4. For the purposes of this section, the term "residential real  prop-
    21  erty"  shall  mean  real  property located in this state improved by any
    22  building or structure that is or may be used, in whole or  in  part,  as
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05093-01-5

        A. 8403                             2
 
     1  the  home  or  residence  of  one or more persons, and shall include any
     2  building or structure used for both residential and commercial purposes.
     3    §  2.  This  act  shall take effect on the sixtieth day after it shall
     4  have become a law. Effective immediately, the addition, amendment and/or
     5  repeal of any rule or regulation necessary  for  the  implementation  of
     6  this  act  on its effective date are authorized to be made and completed
     7  on or before such effective date.
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