S5829B

The New York State Senate passed legislation sponsored by Sen. Salazar to amend the Real Property Actions and Proceedings Law, protecting homeowners facing foreclosure from misleading or diluted legal notices. The bill passed on a 39-18 vote, with 18 senators voting in opposition. Sen. Salazar argued the measure is critically important for ensuring homeowners clearly understand when lenders initiate foreclosure proceedings. She noted that when mortgage lenders and loan servicers add extra content to legally required foreclosure notices, it can distract homeowners and cause them to disregard the warnings, potentially leading to loss of their homes. The legislation takes effect immediately upon passage. Voting against the bill were Sens. Ashby, Borrello, Canzoneri-Fitzpatrick, Gallivan, Griffo, Lanza, Martins, Mattera, Murray, Oberacker, O'Mara, Ortt, Palumbo, Rhoads, Rolison, Stec, Tedisco and Weik.