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A 8793

Authorizes the village of Bloomingburg to enter into a contract to sell or pledge as collateral for a loan some or all of the delinquent liens held by such city to a private party or engage a private party

2025 Regular Session Introduced by Paula Kay

Enables Bloomingburg to sell delinquent liens or use them as loan collateral with private parties, to speed cash flow.

REFERRED TO REAL PROPERTY TAXATION
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Bill Summary · A 8793

Summary of Assembly Bill A 8793

Overview

A 8793 is a bill introduced in the New York Assembly on June 5, 2025, sponsored by Paula Kay (primary). The bill is currently referred to the Committee on Real Property Taxation. A Senate companion is listed as S 8381.

Purpose and Intent

  • The bill authorizes the Village of Bloomingburg to take specific steps to monetize delinquent liens held by the village. In particular, it permits the village to enter into contracts to:

    • Sell some or all of its delinquent liens to a private party, or
    • Pledge those delinquent liens as collateral for a loan with a private party, or
    • Engage a private party to carry out such actions.

  • The underlying objective appears to be to improve the village’s liquidity or cash flow by converting delinquent liens into immediate funds or financing, rather than waiting for tax collections through standard enforcement processes.

Key Provisions (as described)

  • Authorization for a contract-based sale of delinquent liens to a private entity.
  • Authorization for using delinquent liens as collateral to secure a loan from a private entity.

  • Authority to engage a private party to facilitate either sale or loan-collateral arrangements.

  • The bill’s focus is on delinquent liens held by the village, which are typically liens arising from unpaid taxes, assessments, or other enforceable charges that secure property or municipal obligations.

Affected Parties and Impacts

  • Primary affected entity: Village of Bloomingburg.
  • Private sector/financial participants: Private buyers of delinquent liens or private lenders willing to accept liens as collateral.
  • Potential indirect effect on residents and property owners: Depending on how private lien purchasers or lenders operate, there could be changes in enforcement timing, collection practices, or the consequences of delinquency (e.g., accelerated collection or penalties) for owners of properties with outstanding liens.

Procedural and Timeline Notes

  • Introduced: June 5, 2025.
  • Legislative action: Referred to the Real Property Taxation committee on June 5, 2025 (listed twice, indicating confirmation of committee referral).
  • Status: Awaiting committee consideration, possible amendments, and subsequent floor action.
  • No enacted fiscal impact, effective date, or implementation timeline is provided in the summary.

Related Legislation

  • Companion bill: S 8381 (Senate). The companion is noted as identical or very similar in purpose to A 8793.

Practical Considerations

  • Policy rationale typically centers on liquidity gains for a municipality and potential acceleration of delinquent collections.
  • Stakeholders may weigh benefits of immediate funds against concerns about private control of delinquent liens and the potential for altered collection dynamics.
  • Important to review the full text for detailed conditions, limitations, safeguards, and procedural steps (e.g., notice, competitive bidding, terms of sale or collateral, default remedies).

If you’d like, I can monitor for status updates or provide a side-by-side comparison with the Senate companion S 8381 once more information becomes available.

Compiled from official sources — confirm details with the bill’s official record.

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