NYS Home Equity Theft Prevention Act Update

http://HomeEquityTheft.blogspot.com
An alert reader of this blog has brought to my attention that, in addition to the statute that is contained at Section 265-a of the NYS Real Property Law, the New York State Home Equity Theft Prevention Act also has made modifications in Section 595-a of the NYS Banking Law, and has also added Section 1303 to the NYS Real Property Actions & Proceedings Law.

A) To obtain the provisions of the new law that are contained in Section 595-A of the NYS Banking Law:

Step 1:

Click here to begin your search. Then, click link for "Laws of New York."

Step 2:

Then,

1. scroll down and click link for "BNK" - Banking,
2. then scroll down and click link for "Article 12-D" - Licensed Mortgage Bankers,
3. then scroll down and click link for "Section 595-A" - Regulation of mortgage brokers, mortgage bankers and exempt organizations
4. See paragraphs (e), (f), (g), and (h), which are the relevant provisions regarding the new law, effective February 1, 2007.

B) To obtain the provisions of the new law that are contained in Section 1303 of the NYS Banking Law:

Step 1:

Repeat Step 1, above.

Step 2:

1. scroll down and click link for "RPA" - Real Property Actions and Proceedings,
2. then scroll down and click link for "Article 13" - Action To Foreclose A Mortgage,
3. then click link for "Section 1303" - Foreclosures, Required Notices, which contain the provisions relevant to the new law, effective February 1, 2007.

C) To obtain the balance of the new law (that is contained in Section 265-a of the NYS Real Property Law), I refer you to my January 4, 2007 post or my December 24, 2006 post.

I wish to express my thanks to the alert reader of this blog for this valuable contribution.

In conclusion, an article on this new law (apparently) aimed primarily at NYS real estate attorneys titled Home Equity 'Theft', by NY real estate attorney Bruce J. Bergman (originally published on October 11, 2006 in the New York Law Journal), is available at accessmylibrary.com (free, but a "no-hassle" registration is required). Among other points, the article raises issues that may be of interest to attorneys representing either side in a foreclosure action as well as title insurance underwriters.

Click here for other articles on the new law.
http://HomeEquityTheft.blogspot.com