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 422.4 - Vacant and abandoned property reporting
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Within 21 business days of when a mortgagee or mortgage loan servicer of a property learns, or should have learned, that a property is vacant and abandoned, the mortgagee or mortgage loan servicer shall submit or cause to be submitted on the form prescribed by the department the following information:
(b) A mortgagee or mortgage loan servicer of property learns, or should have learned, that a property is vacant and abandoned when the mortgagee or mortgage loan servicer knew or should have known one or more of the following:
(c) A mortgagee is required to exercise due diligence to learn of the matters set forth in subdivision (b) of this section. Due diligence includes but is not limited to ensuring that all timelines and requirements set forth in the law and regulation are adhered to and exercising oversight of third parties hired to inspect and investigate.
(d) The information provided to the department pursuant to this section will be included in the statewide vacant and abandoned property registry established by RPAPL section 1310(1).
(e) At the time of a filing with the department pursuant to RPA PL 1306, the mortgagee or its agent shall state whether the relevant real property has been inspected and whether the mortgagee or any agent of the mortgagee has any reason to believe that the property is vacant and abandoned and the basis for that belief. The superintendent may prescribe the form for the submission of such information. All mortgagees subject to this requirement shall provide the quarterly reporting set forth in section 422.5 of this Part.
(f) For all residential real property previously reported to the department as vacant and abandoned, the mortgagee shall provide the information required by this section by February 1, 2017.