NY Real Prop L § 274-A (2021)
2021 New York Laws RPP - Real Property Article 8 - Conveyances and Mortgages 274-A - Certificate of Principal Amount Unpaid on Mortgages of Real Property.

§  274-a.  Certificate of principal amount unpaid on mortgages of real property. 1. The holder of a mortgage upon real property  shall  execute and  deliver  to the owner of the real property upon which such mortgage is a lien a written instrument setting forth the amount of the principal of said mortgage remaining unpaid, the date to which interest  has  been paid,  and  the amounts, if any, claimed to be unpaid upon said mortgage for principal and interest, itemizing the same, provided, however,  that prior  written demand by registered or certified mail has been made upon the holder of such mortgage by such owner of the real property and  that such  owner  of  the  real property shall have executed and delivered to another a written contract to convey, or shall have received  a  written commitment  to  make  a  mortgage  loan  upon,  the  real property or an interest therein. The written instrument hereinbefore  required  of  the holder  of  the  mortgage  shall  be  a  certificate  duly  executed and acknowledged in the  same  manner  as  required  by  law  to  entitle  a conveyance  of real property to be recorded, except that a bank, savings bank, private banker, trust company, savings and loan association or any other banking organization, as defined in the banking  law,  a  national bank   or   trust   company   or   any   other   federally-chartered  or federally-regulated  savings  and  loan  association  or  other  banking institution  and  an  insurance company duly organized or licensed to do business in this state under the insurance law of  this  state  and  the state  of  New York, or an agency thereof and a political subdivision of the state of New York or an agency thereof may,  in  lieu  of  the  said certificate,  furnish  a  letter signed by a duly authorized officer, or employee or agent, containing the information required to be  set  forth in  such  certificate. An owner of real property who shall have complied with the foregoing requirements and who  shall  not  have  received  the written instrument from the holder of the mortgage thereon within twenty days  after  such  compliance  shall  be entitled to petition a court of competent jurisdiction  for  an  order  requiring  such  holder  of  the mortgage to comply with this section.   2.   (a)   The  mortgagee  of  an  owner-occupied,  one-to-six  family residential structure or residential  condominium  unit,  shall  deliver within  thirty  days,  any  mortgage  related documents to an authorized individual making a bona fide written demand  for  such  documents.  The mortgagee shall not charge for providing the mortgage-related documents, provided,  however,  the  mortgagee  may  charge  not  more  than twenty dollars, or such amount  as  may  be  fixed  by  the  superintendent  of financial  services, for each subsequent payoff statement provided under this subdivision. If the mortgagee fails to deliver the mortgage-related documents, the mortgagee shall be liable for the actual damages  to  the mortgagor  by  reason  of  such failure. In computing actual damages the court may consider the actual rate of interest on the mortgage debt  and current  prevailing  rate  or  rates  of  interest  on comparable debts. However, actual damages do not include pain  and  suffering,  mental  or emotional  distress  or  the  like.    The  replacement  costs of a lost abstract of title required to be delivered hereunder,  may  be  deducted from the amount required to satisfy the mortgage.  (b) When used in this section:  (i)  "Authorized  individual"  means  the  mortgagor,  the mortgagor's attorney, or the attorney representing a banking organization which  has agreed  to  make  a  loan secured by the same real property securing the mortgage for which the mortgage related documents have been requested.  (ii) "Mortgagee" means (1) the  current  holder  of  the  mortgage  of record  or  the  current  holder of the mortgage, (2) any person to whom payments are required to be made and (3) their personal representatives, successors and assigns.  (iii) "Bona fide written demand" means a written  demand  made  by  an authorized  individual  in  connection with a sale or refinancing of the mortgaged property or some other event where the mortgage is  reasonably expected  to  be  paid  off  or  assigned.  Such  demand shall either be delivered  personally,  or  by  registered  or  certified  mail, postage prepaid, return receipt requested. The demand shall include the names of the mortgagor and mortgagee, the address of the mortgaged property, loan number, the date of the mortgage  or  the  date  it  was  recorded,  the mortgage related documents demanded and the proposed payoff date or date of  assignment  of the mortgage, if applicable. If the demand includes a request for  the  abstract  of  title,  the  demand  shall  include  the agreement  by  the mortgagor to pay for a replacement abstract of title, the cost of which may not exceed the actual  replacement  cost  of  such abstract of title, in the event that the mortgage is not paid off or the abstract  of  title  is  not returned within thirty days of the proposed payoff date. Such demand shall include the following in capital letters:     "THIS DEMAND IS MADE UNDER SECTION 274-a OF THE REAL PROPERTY LAW.    FAILURE TO COMPLY WITH THIS DEMAND MAY RESULT IN SEVERE PENALTIES."  (iv) "Mortgage-related documents" means:  (1) the abstract of title for the real property securing the  mortgage if  such  document is in the possession and control of the mortgagee. In the event that the mortgage is not paid off, the  authorized  individual receiving the abstract of title shall within thirty days of the proposed payoff  date  return  the  abstract  of  title to the mortgagee or other person so designated by the mortgagee; upon a failure to so  return  the abstract  of  title,  the mortgagee may obtain a replacement abstract of title, the cost of which may not exceed the actual replacement  cost  of such abstract of title and which shall be paid by the mortgagor;  (2)  a  payoff  statement  setting  forth the balance of the mortgage, including principal, interest and other charges assessed pursuant to the loan documents, together with a per  diem  rate  for  interest  accruing after  the  date  to  which  the balance has been calculated. The payoff statement may, in the event that the statement reflects  payments  which may  have  not  yet cleared, require the authorized individual to obtain from the mortgagee a day of payoff verification of the payoff statement. A payoff statement requiring day of payoff verification  shall  include, in addition to the address of the mortgagee, the telephone number of the mortgagee  and,  if  a  banking organization or corporation, the name or department, and its telephone number and facsimile phone number.  Unless the  payoff statement requires a day of payoff verification, a mortgagee furnishing a payoff statement shall be obligated to make its best effort to furnish a satisfaction of mortgage upon receipt  of  the  amount  set forth  in  such  statement  unless such person subsequently notifies the authorized individual of an error in the payoff  statement.  The  payoff statement furnished by a mortgagee shall include a name or department in addition  to  the address of the banking organization or corporation for use in connection with preparation of  an  affidavit  under  subdivision five of section nineteen hundred twenty-one of the real property actions and proceedings law;  (3)  if  requested  and  if  the  title  insurance  policy  is  in the possession and control of the mortgagee, a copy  of  such  policy  or  a statement  setting  forth the name of the insurer and the number of such policy.  (v) "Banking organization" shall have the same meaning as provided  in subdivision  eleven  of section two of the banking law and shall include any institution chartered or licensed by the United States or any state.