Requires a mortgagor to provide notice of imminent foreclosure

This bill requires landlords who are facing imminent foreclosure to inform their tenants or prospective tenants before renewing or signing a lease. The law defines imminent foreclosure as receiving a formal notice along with a court summons and complaint, and it mandates that landlords send a copy of these documents via certified mail at least two weeks before any lease agreement is finalized. If a landlord fails to provide this required notice, they must pay the tenant a five-hundred-dollar credit against the rent, in addition to any other legal remedies available. This measure directly affects landlords and tenants in New York State by ensuring transparency regarding potential foreclosure situations during the leasing process.