New Mortgage Default Law as New York Home Prices Tumble

On November 22, 2022, Governor Hochul signed A3081 into law, which immediately prohibits the registration of mortgages in default prior to the filing of a notice of pendency. This is on the same day that the homepage of Newsday reads "Long Island homebuyers see highest rate of price cuts since 2019." It seems like foreclosures are on everyone's mind this Thanksgiving season. 

The new law can be found at Real Property Actions and Proceedings Law section 1393 and it basically cuts against the trend of local towns and villages enacting laws that require lenders to maintain foreclosed property - for example, here is the one in Smithtown New York. Specifically, it restricts these laws, which are problematic because they often required action on defaulted mortgages that were not yet in suit. Now, this new law requires a notice of pendency to have first been filed in a court before these laws can be effective. Smart.

Regardless, this is the beginning of the new focus on foreclosure trend that will be coming to all of us soon when we all start paying our heating bills.

Happy Thanksgiving.

 

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Employers in NY now REQUIRED to Display Veterans' Benefits Poster

Governor Hochul signed A3913B into law on 11/10/2022 and effective January 1, 2023 employers have yet another poster to display. This time it's about veterans. 

The poster is to be created by the Department of Labor in consultation with the Division of Veterans' Services. It will include important items like tax benefits, mental health treatment, workplace training, and legal services.

However, is another poster really the answer? It's getting to the point where offices are just going to have employee rights posters and no art on their walls at all. Why not make these laws as digital requirements?

Regardless, employers better post this poster as soon as it's available if they don't want to get sued for military status discrimination as not posting would be a really bad look in such a lawsuit. Plus, violating Labor Law 201-h can result in civil penalties by the Department of Labor.

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Employers Required to Post New Anti-Discrimination Notice of Employee Rights

Federal law requires employers to post a notice created by the Equal Opportunity Employment Commission (EEOC), which summarizes the federal laws and explains filing procedures. 

The notice was just updated, and it is called the “Know Your Rights: Workplace Discrimination is Illegal” poster.

It must be placed conspicuously, in a location that is accessible to all employees, including those with disabilities that limit mobility. To ensure that remote employees receive notice, employers should also post the notice on their website.

Violations have consequences! An employer who fails to comply may be fined up to $612 for each separate offense.

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