New York S 3737: Prevents fraudulent deed transfers

Bill Text

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S03737 Summary:

BILL NOS03737B

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SAME ASSAME AS A07708-A

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SPONSORSANDERS

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COSPNSRSALAZAR

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MLTSPNSR

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Amd §333, RP L; amd §§6-n & 14, Bank L

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Relates to preventing fraudulent deed transfers; protects home owners from being misled into transferring their home to mortgage servicers.

Go to top S03737 Actions:

BILL NOS03737B

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01/29/2025REFERRED TO JUDICIARY

04/07/2025REPORTED AND COMMITTED TO CODES

01/07/2026REFERRED TO JUDICIARY

04/13/2026AMEND AND RECOMMIT TO JUDICIARY

04/13/2026PRINT NUMBER 3737A

04/13/2026AMEND AND RECOMMIT TO JUDICIARY

04/13/2026PRINT NUMBER 3737B

Go to topS03737 Committee&nbspVotes:

Go to topS03737 Floor&nbspVotes:

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

Go to topS03737 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3737--B

 2025-2026 Regular Sessions

 IN SENATE

 January 29, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Judiciary -- recommitted
 to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8
 -- committee discharged, bill amended, ordered reprinted as amended
 and recommitted to said committee -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the real property law and the banking law, in relation
 to preventing fraudulent deed transfers

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

 1 Section 1. Section 333 of the real property law is amended by adding a
 2 new subdivision 4 to read as follows:
 3 4. (a) A recording officer shall not record or accept for recording
 4 any conveyance of real property affecting land in New York state unless
 5 such conveyance contains, or is accompanied by an addendum containing,
 6 explicit and bold language that reads, "YOU ARE HEREBY MADE AWARE THAT
 7 BY SIGNING THIS DEED YOU ARE TRANSFERRING OWNERSHIP OF YOUR LAND OR
 8 HOME", with a signature line under such language which shall contain a
 9 notarized signature of the transferor. Failure of a person or corpo-
 10 ration to use a deed without such warning language or if the transferor
 11 does not sign the acknowledgement to complete such deed transfer pursu-
 12 ant to this section shall be subject to civil penalties as follows:
 13 (i) two hundred fifty dollars for a first violation;
 14 (ii) five hundred dollars for a second violation; or
 15 (iii) one thousand dollars for a third or subsequent violation.
 16 (b) Each deed or addendum that fails to comply with this section shall
 17 constitute a separate violation. Civil penalties may be imposed by the
 18 secretary of state following notice and an opportunity to be heard, or
 19 may be recovered in a civil action brought by the attorney general.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07911-05-6

 S. 3737--B 2

 1 Nothing in this section shall limit existing remedies to void or set
 2 aside fraudulent conveyances under any other law.
 3 § 2. Section 6-n of the banking law is amended by adding a new subdi-
 4 vision 3 to read as follows:
 5 3. No deed transfer from a borrower to a mortgage servicer that is
 6 transferred as part of a modification of mortgage terms shall be consid-
 7 ered a valid deed transfer. The department shall have the authority to
 8 investigate any deed transfer that is in violation of this subdivision.
 9 § 3. Subdivision 1 of section 14 of the banking law is amended by
 10 adding a new paragraph (t) to read as follows:
 11 (t) To prescribe the methods and standards under which the department
 12 shall receive and investigate claims of fraudulent deed transfers,
 13 including, but not limited to deed transfers that are in violation of
 14 subdivision three of section six-n of this chapter.
 15 § 4. This act shall take effect immediately.

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