New York S 1426: Directs the department of financial services to periodically inspect residential real properties for which a lender has a duty to maintain

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S01426 Summary:

BILL NOS01426 

&nbsp

SAME ASSAME AS A08983

&nbsp

SPONSORLIU

&nbsp

COSPNSRMYRIE

&nbsp

MLTSPNSR

&nbsp

Amd §§1307, 1308 & 1310, RPAP L

&nbsp

Directs the department of financial services to periodically inspect residential real properties for which a lender has a duty to maintain; authorizes the department of financial services or the municipality to impose a $500 a day civil penalty for the failure of a lender to maintain an abandoned property that it has a duty to maintain; requires such lenders to register with the statewide vacant and abandoned property electronic registry.

Go to top S01426 Actions:

BILL NOS01426 

&nbsp

01/09/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS01426 Committee&nbspVotes:

Go to topS01426 Floor&nbspVotes:

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

Go to topS01426 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1426

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sens. LIU, MYRIE -- read twice and ordered printed, and
 when printed to be committed to the Committee on Housing, Construction
 and Community Development

 AN ACT to amend the real property actions and proceedings law, in
 relation to directing the department of financial services to conduct
 periodic inspections of vacant and abandoned residential real property
 required to be maintained by the mortgagee, authorize the department
 of financial services and municipalities to impose a daily civil
 penalty upon mortgagees which fail to maintain abandoned and vacant
 residential real property, and requiring lenders having a duty to
 maintain residential real property to register with the statewide
 vacant and abandoned property registry

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

 1 Section 1. Section 1307 of the real property actions and proceedings
 2 law is amended by adding a new subdivision 2-a to read as follows:
 3 2-a. The department of financial services shall cause an inspection to
 4 be conducted, with regard to compliance with the provisions of this
 5 section, of each residential real property that is subject to the
 6 provisions of this section within four months of the date the lender,
 7 assignee or mortgage loan servicer registers with the statewide vacant
 8 and abandoned property registry pursuant to section thirteen hundred ten
 9 of this article and every six months thereafter until the property is no
 10 longer subject to the provisions of this section.
 11 § 2. Subdivision 3 of section 1307 of the real property actions and
 12 proceedings law, as added by chapter 507 of the laws of 2009, is amended
 13 to read as follows:
 14 3. The department of financial services, the municipality in which
 15 such residential real property is located, any tenant lawfully in
 16 possession, and a board of managers of a condominium in which the prem-
 17 ises are located or a homeowners association if said premises are

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04364-01-5

 S. 1426 2

 1 subject to the rules and regulations of such an association, shall have
 2 the right to enforce the obligations described in this section in any
 3 court of competent jurisdiction after at least seven days notice to the
 4 plaintiff in the foreclosure action unless emergency repairs are
 5 required. Any entity acting pursuant to this subdivision shall have a
 6 cause of action in any court of competent jurisdiction against the
 7 plaintiff in the foreclosure action to recover costs incurred as a
 8 result of maintaining the property. In addition, the department of
 9 financial services or the municipality in which the residential property
 10 is located may impose a civil penalty of five hundred dollars for each
 11 day a party required to maintain property pursuant to this section fails
 12 to do so or fails to comply with the provisions of section thirteen
 13 hundred ten of this article. The authority provided by this subdivision
 14 shall be in addition to, and shall not be deemed to diminish or reduce,
 15 any r