New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property
Section 422.3 - Applicability and Exemption under RPAPL 1308
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Subject to the provisions of subdivisions (b), (c), and (d) of this section, the obligations imposed by RPA PL 1308 shall apply to every vacant and abandoned residential real property, irrespective of when the mortgage on the property was originated or became delinquent or when the property became vacant and abandoned.
(b)
(c)
(d) If, after being subject to the obligations imposed by RPA PL 1308, a mortgagee becomes exempt pursuant to subdivision (b) or (c) of this section, then the obligations imposed by 1308 shall continue to apply to all residential real property that became vacant and abandoned before the mortgagee became exempt and for which the mortgagee continues to own the mortgage, and, if applicable, to residential real property that becomes vacant and abandoned after the mortgagee ceases to be exempt.
(e) The burden of proving an exemption pursuant to this subdivision is upon the mortgagee claiming it. In order to establish an exemption from the requirements of RPA PL 1308, a mortgagee must submit to the superintendent by February 28, 2017 for the 2017 calendar year and for each calendar year thereafter, by December 31st of the year preceding the calendar year in which the exemption is being sought, on the form required by the superintendent, a statement providing the basis for which the mortgagee satisfies all three requirements of the relevant subsection. The statement shall also identify all real property that, by application of subdivision (d) of this section, will remain subject to the requirements in RPA PL 1308. If a mortgagee fails to timely provide the statement required by this subdivision, the mortgagee shall not satisfy the provisions of subdivision (b) or (c) of this section for that calendar year.
(f)
(g) Pursuant to RPA PL 1308 (11), State or federally chartered banks, savings banks, savings and loan associations and credit unions that qualify for the exemption under subdivision (b) of this section, and that are parties to the department's Industry Best Practices: Inspecting, Securing and Maintaining Vacant and Abandoned Properties in New York, issued in May 2015, shall continue to be subject to that agreement for so long as the terms and conditions of the agreement remain in effect.