S 1264: Requires a mortgagor to provide notice of imminent foreclosure to their tenant or prospective tenant prior to renewing or signing a lease agreement.

  
  STATE OF NEW YORK ________________________________________________________________________ 1264 2025-2026 Regular Sessions  IN SENATE January 8, 2025 ___________ Introduced by Sen. PERSAUD -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to requiring a mort- gagor to provide notice of imminent foreclosure to their tenant or tenants The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The real property law is amended by adding a new section 2 235-k to read as follows: 3 § 235-k. Imminent foreclosure. 1. As used in this section, "imminent 4 foreclosure" shall mean a mortgagor has received notice of foreclosure 5 delivered along with a summons and complaint, as required in subdivision 6 two of section thirteen hundred three of the real property actions and 7 proceedings law. 8 2. A mortgagor shall, prior to the tenant or prospective tenant either 9 renewing or signing a lease agreement, disclose to such tenant or 10 prospective tenant of imminent foreclosure. 11 3. A mortgagor shall send a copy of the original summons and complaint 12 by certified mail to a tenant or prospective tenant at least two weeks 13 prior to either renewing or signing a lease agreement. 14 4. A mortgagor who fails to disclose to their tenant or prospective 15 tenant prior to either renewing or signing a lease agreement shall pay a 16 credit of five hundred dollars to the tenant or prospective tenant 17 against the agreed upon rental price of the lease agreement per failure, 18 in addition to any other existing equitable or statutory remedy. 19 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03877-01-5