N.Y. Comp. Codes R. & Regs. tit. 20 § 653.3

Current through Register Vol. 46, No. 25, June 18, 2024

Section 653.3 - Special penalties

Tax Law, §§ 259, 260

(a) In the case of trust mortgages, in addition to the interest penalty or interest and penalties described in sections 653.1 and 653.2 of this Part, a failure to file any statement described in Part 646 of this Title shall subject the mortgagor or any other person required to file such statement to a penalty of not less than $1 nor more than $100 for each $1,000 of the maximum amount of principal indebtedness which is or under any contingency may become secured by the mortgage. The penalty in the aggregate shall not exceed the sum of $5,000 with respect to each trust mortgage.

(b) Where, pursuant to section 260 of article 11 of the Tax Law, the commissioner is required to make a determination and apportionment:

(1) of the mortgage recording taxes payable or paid; or

(2) of the portion of a mortgage or of advancements thereon which shall be taxable;

and such commissioner requests information from the appropriate board(s) of assessors, recording officer(s) or other person(s) having knowledge of the facts that is deemed necessary to make such determination or apportionment, the failure to supply such information shall result in such board(s) of assessors, recording officer(s), or other person(s) having knowledge of the facts being liable for a penalty of $100.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 653.3