N.Y. Real Prop. Acts. Law § 1302 : — Real Property Actions and ProceedingsACTION TO FORECLOSE A MORTGAGE — 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, and section six-l or six-m of the banking law, for loans governed by section six-l or six-m of the banking law, and section thirteen hundred four of this article for all residential mortgage loans covering a one to four family dwelling.

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, for loans governed by these provisions.

N.Y. Real Prop. Acts. Law § 1302

Amended by New York Laws 2022, ch. 145,Sec. 1, eff. 1/1/2022.

Amended by New York Laws 2021, ch. 395,Sec. 1, eff. 1/1/2022.

See New York Laws 2021, ch. 395, Sec. 2.