Modifies the cap on the registration fee for the registration of residential mortgages in default which may be imposed by a local law, ordinance or resolution.

This bill proposes to change the maximum amount that local governments in New York can charge for registering residential mortgages that are in default. It aims to provide more flexibility for local laws, ordinances, or resolutions regarding these registration fees.

Supporters of the bill argue that it allows local governments to better address the needs of their communities by adjusting registration fees for defaulted mortgages. They believe this flexibility can help manage the impact of foreclosures and support homeowners in distress.

Critics of the bill may argue that increasing the cap on registration fees could place a heavier financial burden on struggling homeowners. They might express concern that this could exacerbate the difficulties faced by those already dealing with mortgage defaults.