N.Y. Real Property Law 254-C – Right to a copy of real property appraisals and consumer reports in certain cases
§ 254-c. Right to a copy of real property appraisals and consumer reports in certain cases. 1. Any lender who requires an applicant for a loan or forbearance, which is to be secured primarily by an interest in real property, to bear the cost of either an appraisal of said property or the cost of obtaining a consumer report subject to the provisions of Article 25 of the general business law as a condition to the processing of the application or the granting of the loan or forbearance, shall, upon the written request of such applicant, provide to him a copy of said appraisal or consumer report as the case may be, at no additional cost.
Terms Used In N.Y. Real Property Law 254-C
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Forbearance: A means of handling a delinquent loan. A
- interest in real property: include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent. See N.Y. Real Property Law 240
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. "Lender" as used in this section shall mean and include any bank, trust company, national bank, savings bank, federal mutual savings bank, savings and loan association, federal savings and loan association, private banker, credit union, federal credit union, investment company, insurance company, pension fund, mortgage banker or any other entity.
3. If any provision of this section, or the application of such provision to any individual, company, corporation or circumstance, shall be held invalid, the remainder of this section, and the application of such section to individuals, companies, corporations, or circumstances other than those to which it is held invalid, shall not be affected thereby.