LIEB BLOG

Legal Analysts

Showing posts with label law amendment. Show all posts
Showing posts with label law amendment. Show all posts

Monday, January 29, 2024

Emergency Ready: New Requirement for Property Management Companies

On January 26, 2024, Governor Hochul signed Bill No. A08494 to amend the multiple residence and dwelling law in New York State. Now, owners and agents of multiple residences and multiple dwellings need to provide emergency personnel a list of names and contact information of residents on lease execution, lease renewal, lease amendment, and now, on annual recertification if an owner is a public corporation regulated by the public housing law. 


The underlying law is important so first responders know that everyone is safe that should be in the housing in events like fires. However, the most vulnerable residents in these situations are often the ones without voices for themselves who are relegated to living in public housing. This new amendment is specific to them and applies the law of providing occupant lists to first responders for residents in housing owned by a public corporation under the public housing law. 


The amendment to the multiple residence and dwelling laws goes into effect on February 15, 2024. To learn more and read bill A08494, click here. How do you envision this impacting community safety? Let us know your thoughts below.






Friday, October 27, 2023

NYS Amends the Banking Law to Protect Home Buyers Against Unregistered and Unlicensed Mortgage Brokers

On October 25th, 2023 Governor Hochul signed A1153A to amend New York State's Banking Laws to protect against unregistered and unlicensed mortgage brokers. 


This amendment prohibits mortgage lenders from conducting business with any individual or entity which it knows or should have known is acting as a mortgage banker or a mortgage broker without being licensed or registered with New York State's Department of Financial Services (DFS). This amendment exempts entities who provide mezzanine mortgages.


This amendment also requires a mortgage banker, mortgage broker or entities who provide mezzanine mortgages to notify DFS of any mortgage banker or a mortgage broker acting without being licensed or registered.


If non-exempt unlicensed or unregistered mortgage banker or a mortgage broker engages in unauthorized activities after DFS issues a cease-and desist notice, then that non-exempt unlicensed or unregistered mortgage banker or a mortgage broker is liable for the actual damages equivalent to the amount of money paid to the person affected.


This amendment goes into effect November 7th, 2023, which is the 13th days after it became a law. Click here to read the law.