N.Y. Real Prop. Acts. Law § 1302

Current through 2021 NY Law Chapter 633
Section 1302 - [Effective 1/1/2022] Foreclosure of certain residential mortgages
1. Any complaint served in a proceeding initiated on a residential mortgage covering a one to four family dwelling pursuant to this article must contain an affirmative allegation that at the time the proceeding is commenced, the plaintiff:
(a) is the owner and holder of the subject mortgage and note, or has been delegated the authority to institute a mortgage foreclosure action by the owner and holder of the subject mortgage and note; and
(b) has complied with all of the provisions of section five hundred ninety-five-a of the banking law and any rules and regulations promulgated thereunder, section six-l or six-m of the banking law, for loans governed by those provisions, and section thirteen hundred four of this article. 2. It shall be a defense to an action to foreclose a mortgage that the terms of the home loan or the actions of the lender violate any provision of section six-l or six-m of the banking law or section thirteen hundred four of this article.
2. It shall be a defense to an action to foreclose a mortgage for a high-cost home loan or subprime home loan that the terms of the home loan or the actions of the lender violate any provision of section six-l or six-m of the banking law or section thirteen hundred four of this article.

N.Y. Real Prop. Acts. Law § 1302

Amended by New York Laws 2021, ch. 395,Sec. 1, eff. 1/1/2022.
See New York Laws 2021, ch. 395, Sec. 2.
This section is set out more than once. See also , § 1302, effective until 1/1/2022.