Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 15, 2010 |
advanced to third reading |
Jun 14, 2010 |
2nd report cal. |
Jun 10, 2010 |
1st report cal.943 |
Feb 09, 2010 |
reported and committed to codes |
Jan 06, 2010 |
referred to judiciary |
Mar 03, 2009 |
reported and committed to codes |
Jan 28, 2009 |
referred to judiciary |
Senate Bill S1221
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - On Floor Calendar
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D) Senate District
(D, WF) 21st Senate District
2009-S1221 (ACTIVE) - Details
2009-S1221 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1221 TITLE OF BILL : An act to amend the real property law, in relation to prohibiting mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding the amount required by federal law PURPOSE : No mortgagee shall require the mortgagor to purchase flood insurance in excess of the federal maximum, shall deny a mortgagor a loan on the basis that the mortgagor declines to purchase flood insurance in excess of the federal maximum and shall not require a mortgagor to purchase flood insurance in excess of an amount equal to the outstanding principal balance of the loan or maximum coverage made available under the national flood insurance act. SUMMARY OF PROVISIONS : Section 1: Amends the real property law to add Section 282, sections 1-4 codifies the purpose of the bill. Section 2: Establishes the effective date. JUSTIFICATION : This bill would prohibit mortgagees from requiring that mortgagors purchase flood insurance in excess of amounts required by federal law.
2009-S1221 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1221 2009-2010 Regular Sessions I N S E N A T E January 28, 2009 ___________ Introduced by Sens. THOMPSON, ONORATO, PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Judici- ary AN ACT to amend the real property law, in relation to prohibiting mort- gagees from requiring mortgagors of certain real property to purchase flood insurance exceeding the amount required by federal law THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property law is amended by adding a new section 282 to read as follows: S 282. LIMITS TO COMPULSORY FLOOD INSURANCE. 1. NO MORTGAGEE, SHALL REQUIRE A MORTGAGOR TO WHOM THE MORTGAGEE, MAKES, INCREASES, EXTENDS, OR RENEWS ANY LOAN SECURED BY IMPROVED REAL PROPERTY OR A MOBILE HOME LOCATED OR TO BE LOCATED IN AN AREA THAT HAS BEEN IDENTIFIED BY THE DIRECTOR OF THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS AN AREA HAVING SPECIAL FLOOD HAZARDS AND IN WHICH FLOOD INSURANCE HAS BEEN MADE AVAIL- ABLE UNDER THE NATIONAL FLOOD INSURANCE ACT TO PURCHASE MORE COVERAGE THAN THE MINIMUM AMOUNT OF COVERAGE REQUIRED BY THE NATIONAL FLOOD INSURANCE ACT, THAT IS, AN AMOUNT EQUAL TO THE OUTSTANDING PRINCIPAL BALANCE OF THE LOAN OR THE MAXIMUM LIMIT OF COVERAGE MADE AVAILABLE UNDER THE NATIONAL FLOOD INSURANCE ACT, WHICHEVER IS LESS. 2. NO MORTGAGEE SHALL DENY A LOAN TO A MORTGAGOR OR PROSPECTIVE MORT- GAGOR OF ANY LOAN SECURED BY IMPROVED REAL PROPERTY OR A MOBILE HOME LOCATED OR TO BE LOCATED IN AN AREA THAT HAS BEEN IDENTIFIED BY THE DIRECTOR OF THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS AN AREA HAVING SPECIAL FLOOD HAZARDS AND IN WHICH FLOOD INSURANCE HAS BEEN MADE AVAIL- ABLE UNDER THE NATIONAL FLOOD INSURANCE ACT, ON THE BASIS THAT THE MORT- GAGOR DECLINES TO PURCHASE FLOOD INSURANCE COVERAGE IN EXCESS OF AN AMOUNT EQUAL TO THE OUTSTANDING PRINCIPAL BALANCE OF THE LOAN OR THE MAXIMUM LIMIT OF COVERAGE MADE AVAILABLE UNDER THE NATIONAL FLOOD INSUR- ANCE ACT, WHICHEVER IS LESS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03195-01-9
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