New York A 7546: Relates to actions upon a subordinate bond or note

Bill Text

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A07546 Summary:

BILL NOA07546 

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SAME ASSAME AS S06971

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SPONSORLavine

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COSPNSRRosenthal, Tapia, Dinowitz, Colton, Kelles, Davila, Hyndman

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MLTSPNSR

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Amd §§1302, 1302-a, 1311 & 1321, RPAP L; amd §§213, 203, 205-a & 3012-b, R3408, add §213-e, CPLR

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Relates to actions upon a subordinate bond or note; provides a statute of limitations for such actions.

Go to top A07546 Actions:

BILL NOA07546 

&nbsp

04/01/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA07546 Committee&nbspVotes:

Go to topA07546 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07546 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7546

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 1, 2025
 ___________

 Introduced by M. of A. LAVINE -- read once and referred to the Committee
 on Judiciary

 AN ACT to amend the real property actions and proceedings law and the
 civil practice law and rules, in relation to actions upon a subordi-
 nate bond or note

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 1302 of the real property actions and proceedings
 2 law, as amended by chapter 145 of the laws of 2022, is amended to read
 3 as follows:
 4 § 1302. Foreclosure of certain residential mortgages. 1. Any complaint
 5 served in a proceeding [initiated on a residential mortgage covering a
 6 one to four family dwelling pursuant to] involving a home loan, as such
 7 term is defined in section thirteen hundred four of this article, must
 8 contain an affirmative allegation that at the time the proceeding is
 9 commenced, the plaintiff:
 10 (a) is the owner and holder of the subject mortgage and note, or has
 11 been delegated the authority to institute a mortgage foreclosure action
 12 by the owner and holder of the subject mortgage and note; [and]
 13 (b) has complied with all of the provisions of section five hundred
 14 ninety-five-a of the banking law and any rules and regulations promul-
 15 gated thereunder, and section six-l or six-m of the banking law, for
 16 loans governed by section six-l or six-m of the banking law, and section
 17 thirteen hundred four of this article for all residential mortgage loans
 18 covering a one to four family dwelling;
 19 (c) has maintained or is in possession of a payment history of the
 20 subject loan, which includes a complete schedule of all transactions
 21 credited or debited to the mortgage loan account, including but not
 22 limited to any escrow account or suspense account, from the date of
 23 origination of the loan to the present; and
 24 (d) if such plaintiff claims to possess the original note, such plain-
 25 tiff has maintained or is in possession of a custodial file documenting
 26 such plaintiff's possession of the subject note, which includes the name
 27 of the entity that physically possesses the original note, the date on

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08275-02-5

 A. 7546 2

 1 which that entity took physical possession of the original note, a chro-
 2 nological listing of the names of all prior entities that physically
 3 possessed the original note, the date of transfer of that note starting
 4 with the original lender, and the address where the original note is
 5 currently located.
 6 2. It shall be a defense to an action to foreclose a mortgage that:
 7 (a) the terms of the home loan or the actions of the lender violate
 8 any provision of section six-l or six-m of the banking law or section
 9 thirteen hundred four of this article, for loans governed by these
 10 provisions;
 11 (b) the plaintiff's payment history for the subject loan does not
 12 include a complete schedule of all transactions credited or debited to
 13 the mortgage loan account, including any escrow account or suspense
 14 account, from the date of origination of the loan to the present; and
 15 (c) if the plaintiff claims to possess the original note, the
 16 plaintiff's custodial file does not include the name of the entity that
 17 physically possesses the original note, the date on which that entity
 18 took physical possession of the