Modifies the cap on the registration fee for residential mortgages in default imposed by local laws, ordinances, or resolutions.
This bill amends the real property actions and proceedings law to modify the cap on the registration fee for residential mortgages in default. Local laws, ordinances, or resolutions may now impose a registration fee not exceeding five hundred dollars annually. Mortgagees and their agents are prohibited from passing these fees onto the mortgagor in default. The changes take effect immediately upon enactment.
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