Relates to the discharge of a mortgage

Summary

The bill amends New York real‑property law to require lenders to take any payment sent according to a payoff statement at the location and method the lender specified. Lenders may not return or destroy such payments and must apply them to principal, interest, or other amounts due. A discharge certificate can be issued only when the payment covers the full balance, and a lender may refuse a payment only if it cannot reasonably identify the loan.

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