New York A 3874: Relates to limits on certain supplementary insurance

Bill Text

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A03874 Summary:

BILL NOA03874 

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SAME ASNo Same As

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SPONSORDinowitz

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COSPNSR

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MLTSPNSR

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Add R3411, CPLR

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Requires a mandatory settlement conference in cooperative apartment unit foreclosure actions; makes related provisions.

Go to top A03874 Actions:

BILL NOA03874 

&nbsp

01/30/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA03874 Committee&nbspVotes:

Go to topA03874 Floor&nbspVotes:

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

Go to topA03874 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3874

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
 tee on Judiciary

 AN ACT to amend the civil practice law and rules, in relation to manda-
 tory settlement conference in cooperative apartment unit foreclosure
 actions

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

 1 Section 1. The civil practice law and rules is amended by adding a
 2 new rule 3411 to read as follows:
 3 Rule 3411. Mandatory settlement conference in cooperative apartment
 4 unit foreclosure actions. (a) For purposes of this section "a cooper-
 5 ative apartment unit loan" means a loan secured by rights to a cooper-
 6 ative apartment required to receive an additional pre-disposition notice
 7 pursuant to subsection (f) of section 9--611 of the uniform commercial
 8 code.
 9 In addition to such other notifications as may be required pursuant to
 10 the uniform commercial code, in any foreclosure action involving a coop-
 11 erative apartment unit loan, in which the borrower is a resident of the
 12 property subject to foreclosure, the lender shall file a petition with
 13 the supreme court of the county in which the cooperative apartment is
 14 located stating the loan is in default and the reason for the default.
 15 The petition must be served on the borrower pursuant to section three
 16 hundred eight of this chapter. The lender shall file proof of service
 17 within twenty days of such service and the court shall hold a mandatory
 18 conference within sixty days after the date when proof of service upon
 19 the borrower is filed with the county clerk or on such adjourned date as
 20 has been agreed to by the parties, for the purpose of holding settlement
 21 discussions pertaining to the relative rights and obligations of the
 22 parties under the loan documents, including, but not limited to:
 23 1. determining whether the parties can reach a mutually agreeable
 24 resolution to help the borrower avoid losing their home, and evaluating

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07527-01-5

 A. 3874 2

 1 the potential for a resolution in which payment schedules or amounts may
 2 be modified or other workout options may be agreed to, including but not
 3 limited to, a loan modification or any other loss mitigation option; or
 4 2. whatever other purposes the court deems appropriate.
 5 (b) At the initial conference held pursuant to this section, any
 6 borrower currently appearing pro se, shall be deemed to have made a
 7 motion to proceed as a poor person under section eleven hundred one of
 8 this chapter. The court shall determine whether such permission shall be
 9 granted pursuant to standards set forth in section eleven hundred one of
 10 this chapter. If the court appoints defendant counsel pursuant to subdi-
 11 vision (a) of section eleven hundred two of this chapter, it shall
 12 adjourn the conference to a date certain for appearance of counsel and
 13 settlement discussions pursuant to subdivision (a) of this rule, and
 14 otherwise shall proceed with the conference.
 15 (c) At any conference held pursuant to this rule, the lender and the
 16 borrower shall appear in person or by counsel, and each party's repre-
 17 sentative at the meeting shall be fully authorized to dispose of the
 18 matter. If the borrower is appearing without counsel, the court shall
 19 inform the borrower of the nature of the action and their rights and
 20 responsibilities. Where appropriate, the court may permit the borrower
 21 or a representative of the