Assembly BillIntroduced
A 7218: Requires the foreclosing party in a residential foreclosure action to offer a refinancing opportunity to the mortgagor.
What A 7218 does, verified January 8, 2026
The proposed law aims to provide a refinancing opportunity to residential mortgagors facing foreclosure. When a foreclosure notice is delivered to a mortgagor, the foreclosing party must also offer to refinance the mortgage at the lowest interest rate offered within the previous thirty days. This offer must be included with the summons and complaint documents. The refinancing offer is not dependent on the borrower's credit rating, income, or payment history. A foreclosing party is limited to offering refinancing only once in a foreclosure proceeding or with respect to the same property owned by the same mortgagor. The law applies to all foreclosures on residential properties commencing on or after its effective date.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: referred to judiciary (2026-01-07)Alert me
Quick answers about A 7218
- What is the current status of A 7218?
- As of January 8, 2026, A 7218 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "referred to judiciary".
- Did A 7218 pass?
- Not yet. A 7218 has been introduced and has not passed either house.
- Who wrote A 7218, and where is it now?
- A 7218 was authored by Asm. Monique Chandler-Waterman. Its committee of record is Assembly Judiciary.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions2 total · showing 2
| Jan. 07, 2026 | referred to judiciary |
| Mar. 21, 2025 | referred to judiciary |
Latest bill textIntroduced version, March 21, 2025 · 404 words
STATE OF NEW YORK ________________________________________________________________________ 7218 2025-2026 Regular Sessions IN ASSEMBLY March 21, 2025 ___________ Introduced by M. of A. CHANDLER-WATERMAN -- read once and referred to the Committee on Judiciary AN ACT to amend the real property actions and proceedings law, in relation to requiring the foreclosing party in a residential foreclo- sure action to offer a refinancing opportunity to the mortgagor The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1303 of the real property actions and proceedings 2 law is amended by adding a new subdivision 3-b to read as follows: 3 3-b. (a) At the time the notice to any residential mortgagor required 4 by paragraph a of subdivision one of this section is delivered to the 5 mortgagor or the mortgagor's agent, the foreclosing party shall also 6 provide an offer to the mortgagor to refinance the mortgage. Such offer 7 shall be included with the summons and complaint at the time such docu- 8 ments are served upon the mortgagor or the mortgagor's agent. 9 (b) The refinancing offer described in paragraph (a) of this subdivi- 10 sion shall be an offer to refinance the mortgage at the lowest interest 11 rate offered by the foreclosing party within the thirty days prior to 12 the commencement of the foreclosure proceeding, and shall be irrespec- 13 tive of the borrower's credit rating, income, assets or payment history. 14 (c) A foreclosing party shall not be required to offer refinancing 15 pursuant to this subdivision more than one time in a foreclosure 16 proceeding or more than one time with respect to the same property while 17 the property is owned by the same mortgagor. 18 (d) The provisions of this subdivision shall only apply when the fore- 19 closing party is a bank or financial institution that offers mortgages 20 for residential real property as part of its regular course of business 21 and is the sole holder of the mortgage on the property. 22 § 2. This act shall take effect on the sixtieth day after it shall 23 have become a law and shall apply to all foreclosures on residential 24 properties commencing on or after such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08028-01-5
Text of A 7218 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions