Relates to discharge of a mortgage

Latest action Dec 12, 2025

Requires a mortgagee to accept and apply payments.

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Where it stands

Signed into law.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A2739, the matching bill in the Assembly.

Passed as A2739, the matching Assembly bill.

Amends the Real Property Law.

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate, Judiciary · New York State Assembly, Judiciary · New York State Senate.

Purpose, from the sponsor's memo

To ensure timely processing and recording of mortgage satisfactions and protect borrowers by requiring mortgagees to accept and apply payments based on payoff statements.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Floor vote
NY SenateJun 9, 2025Result: passedSenate vote on A2739, the matching Assembly bill.
(61) (1) (0) (1)
Vote: Committee vote · Rules
Senate RulesJun 9, 2025Result: passed
(21) (0) (0) (0)

The sponsor's argument

Why Jamaal Bailey says this is needed

The discharge of a mortgage marks a critical point in a borrower's financial journey, and delays or disputes in processing can cause significant hardship. Currently, mortgagees are not explicitly required to accept payments based on payoff statements, leading to instances where payments are returned or destroyed, creating unnecessary financial and legal challenges for borrowers. This legislation ensures: * Mortgagees promptly process payments and apply them to outstanding obligations. * Borrowers are protected from undue delays in obtaining recorded satis- factions of their mortgage, which are essential for securing clear title to their property. * Accountability through financial penalties for mortgagees who fail to meet recording deadlines, deterring negligence and fostering better practices. By addressing these issues, the bill aims to protect borrow- ers' rights and streamline mortgage payoff processes in New York State.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Dec 12, 2025
Approval MEMO.18
APPROVAL MEMO.18
NY Assembly
Dec 12, 2025
Signed
SIGNED CHAP.623
NY Assembly
Dec 8, 2025
Sent to the executive
DELIVERED TO GOVERNOR
NY Assembly
Jun 9, 2025
3RD Reading CAL.1697
3RD READING CAL.1697
NY Senate
Jun 9, 2025
In committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
NY Senate

Show full history (10 earlier events)

Jun 9, 2025
Passed a chamber
PASSED SENATE
NY Senate
Jun 9, 2025
Substituted
SUBSTITUTED FOR S6363
NY Senate
May 29, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
May 29, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly
May 29, 2025
Referred to committee
REFERRED TO JUDICIARY
NY Senate
May 29, 2025
Reported out of committee
REPORTED
NY Assembly
May 29, 2025
Rules Report CAL.304
RULES REPORT CAL.304
NY Assembly
May 28, 2025
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
Mar 11, 2025
Referred to committee
REFERRED TO JUDICIARY
NY Senate
Jan 22, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 22, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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