Allows injured parties to sue mortgagees and servicers for violations of certain rules and regulations.

New York Assembly Bill A03348 amends the banking law to allow individuals injured by violations of certain rules, regulations, or policies promulgated by the superintendent to bring actions in their own name, assert counterclaims, or bring third-party claims against mortgagees or servicers. Injured parties can recover statutory damages, treble actual damages, and costs including attorneys' fees. Material compliance with these rules is a condition precedent to foreclosure actions, and failure to comply is a defense to such actions.

Allows injured parties to sue mortgagees and servicers for violations of certain rules and regulations.

New York Assembly Bill A03348 amends the banking law to allow individuals injured by violations of certain rules, regulations, or policies promulgated by the superintendent to bring actions in their own name, assert counterclaims, or bring third-party claims against mortgagees or servicers. Injured parties can recover statutory damages, treble actual damages, and costs including attorneys' fees. Material compliance with these rules is a condition precedent to foreclosure actions, and failure to comply is a defense to such actions.