US Laws, Codes, Statutes & Cases

 
    § 11-321.1 Rules governing sales; eligibility of persons to purchase a
  tax  lien  or  tax  liens  in  a  negotiated or competitive sale. a. The
  commissioner of finance may promulgate rules governing  the  eligibility
  of  persons  to  purchase  a  tax  lien  or tax liens in a negotiated or
  competitive sale. Such rules may provide for  precertification  of  such
  persons,  including  a requirement for disclosure of income, assets, and
  any other financial information that the commissioner of  finance  deems
  appropriate,  and  may prohibit any such person who is delinquent in the
  payment of any taxes to the city of New York, or who is in default in or
  on any other  obligation  to  the  city,  or  who  has  any  outstanding
  violations  of  the  administrative  code  of the city of New York, from
  purchasing a tax lien or tax liens.
    b. Any person who intends to purchase a tax lien or  tax  liens  in  a
  negotiated  or  competitive  sale  shall  submit  to the commissioner of
  finance  an  affidavit  establishing  compliance  with  the   applicable
  eligibility criteria and including any other information required by the
  commissioner  of  finance.  No  such  person  who  fails  to submit such
  affidavit shall be permitted to purchase a tax lien or  tax  liens.  Any
  such  person  who  willfully  submits  a  false  or misleading affidavit
  pursuant to this section  shall  forfeit  any  tax  lien  or  tax  liens
  purchased by him or her at a sale for which the affidavit was submitted,
  shall  be  liable for payment of the full purchase price of the tax lien
  or tax liens, shall forfeit any deposit paid, and shall be  disqualified
  from  bidding  or  participating  in any tax lien sale in the city for a
  period of five years.
    c. No sale of a tax lien or tax liens shall  be  made  to  any  person
  identified  pursuant  to  section  11-309  of  this chapter as having an
  interest in the property which is the subject of the  tax  lien  or  tax
  liens,  or  to any owner of record as shown on the real property records
  of the office of the city register in any borough or in  the  office  of
  the  Richmond  county  clerk.  Any  such  person  or owner of record who
  purchases such tax lien or tax liens shall forfeit such tax lien or  tax
  liens  and shall be liable for payment of the full purchase price of the
  tax lien or tax liens and shall not be  entitled  to  a  refund  of  any
  amounts paid by such person or owner of record.
    d.  No person who purchases a tax lien or tax liens in a negotiated or
  competitive sale shall assign or transfer a tax lien certificate or  tax
  lien  certificates  for  such  tax  lien  or  tax  liens  to  any person
  identified pursuant to section 11-309  of  this  chapter  as  having  an
  interest  in  the  property  which  is  the  subject  of  such  tax lien
  certificate or tax lien certificates, or  to  any  owner  of  record  of
  property  which  is the subject of such tax lien certificate or tax lien
  certificates. Any such person who knowingly or negligently transfers  or
  assigns  such  tax  lien  certificate  or  tax lien certificates to such
  person or owner of record shall  be  liable  for  payment  of  the  full
  purchase price of the tax lien or tax liens and shall not be entitled to
  a  refund  of any amounts paid and such tax lien certificate or tax lien
  certificates shall be deemed void and the tax lien  or  tax  liens  sold
  under  such certificate or such certificates shall revert to the city as
  if no sale of such tax lien or tax liens had occurred.