N.Y. Real Property Actions & Proceedings Law § 1302: Foreclosure of certain residential mortgages

§ 1302. Foreclosure of certain residential mortgages. 1. Any complaint

served in a proceeding initiated on a residential mortgage covering a

one to four family dwelling pursuant to this article must contain an

affirmative allegation that at the time the proceeding is commenced, the

plaintiff:

(a) is the owner and holder of the subject mortgage and note, or has

been delegated the authority to institute a mortgage foreclosure action

by the owner and holder of the subject mortgage and note; and

(b) has complied with all of the provisions of section five hundred

ninety-five-a of the banking law and any rules and regulations

promulgated thereunder, and section six-l or six-m of the banking law,

for loans governed by section six-l or six-m of the banking law, and

section thirteen hundred four of this article for all residential

mortgage loans covering a one to four family dwelling.

2. It shall be a defense to an action to foreclose a mortgage that the

terms of the home loan or the actions of the lender violate any

provision of section six-l or six-m of the banking law or section

thirteen hundred four of this article, for loans governed by these

provisions.