The following bills have been signed by the Governor. Please note the attached approval memo.

S2689 / A5324

Extends the town of Warwick preservation funds and the tax on real estate transfers in the town of Warwick until 2050

S3993 / A6011

Extends the limitations on the shift between classes of taxable property in the town of Orangetown, county of Rockland

S5785a / A2502a

Makes the affirmative allegation provisions for high-cost loans and subprime home loans applicable to foreclosures of residential mortgages covering one to four family dwellings.

APPROVAL MEMO.16

81312021                                                                                                     Legislative lnfornation - LBDC

APPROVAL MEMORANDUM - No- 16 Chapter 395

MEMORANDUM filed with Senate Bill Number 5785-A, entitled:

"AN ACT to amend the real property actions and proceedings law, in relation to foreclosure of residential mortgages covering one to four family dwellings"

APPROVED

This bill would amend the Real Property Actions and Proceedings Law to expand certain pleading requirements and defenses available in foreclo­ sure actions involving high-cost and subprime home loans, as those terms are defined in sections 6-1 and 6-m of the Banking Law respectively, to all foreclosure actions involving mortgages on residential one-to-four family homes.

It is important to provide homeowners with a full and fair opportunity to defend themselves in a foreclosure proceeding. While I agree with the sponsors' intent in that regard, this bill contains technical flaws that prevent its effective implementation _

Therefore, the Executive has secured an agreement with the Legislature to pass legislation in the upcoming session that would clarify the requirement for foreclosure actions involving all residential mortgage loans to plead compliance with the requirements of section 595-a of the Banking Law, and a clarification to avoid confusion about the applica­ tion of sections 6-1 and 6-m of the Banking Law. on that basis, I am signing this bill.

The bill is approved.                  (signed) ANDREW M. CUOMO