Assembly Bill A7096

2011-2012 Legislative Session

Provides that a lender may receive not more than 20% of the future appreciation of property secured by a reverse mortgage granted to a person 60 years old or older

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Archive: Last Bill Status - In Assembly Committee

  • 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

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Bill Amendments

co-Sponsors

2011-A7096 - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §280, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6763
2013-2014: A35
2015-2016: A1856

2011-A7096 - Summary

Provides that a lender providing a reverse mortgage to a person who is 60 years of age or older may receive not more than 20% of the future appreciation of property secured by the mortgage as consideration for providing such reverse mortgage.

2011-A7096 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7096

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 12, 2011
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Judiciary

AN ACT to amend the real property law, in relation to  reverse  mortgage
  loans for persons sixty years of age or older

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 280 of the real  property  law  is
amended by adding a new paragraph (d-1) to read as follows:
  (D-1)  SUBJECT TO SUCH RULES OR REGULATIONS AS THE BANKING BOARD SHALL
ADOPT, THE AUTHORIZED LENDER, AT ITS OPTION, MAY RECEIVE  NO  MORE  THAN
TWENTY  PERCENT  OF THE FUTURE APPRECIATION OF THE PROPERTY SECURING THE
REVERSE MORTGAGE LOAN AS FULL OR PARTIAL CONSIDERATION FOR THE MAKING OF
A REVERSE MORTGAGE LOAN; PROVIDED, HOWEVER, THAT  SUCH  FUTURE  APPRECI-
ATION  SHALL  BE  LIMITED  BY  SUCH RULES AND REGULATIONS AS THE BANKING
BOARD MAY ADOPT OR THE AUTHORIZED LENDER MAY  CHARGE  A  FIXED  RATE  OF
INTEREST ON THE OUTSTANDING BALANCE OF MONIES ADVANCED UNDER THE REVERSE
MORTGAGE  AGREEMENT  OR  ANY COMBINATION THEREOF.  ANY SUCH APPRECIATION
SHALL NOT BE CONSIDERED INTEREST FOR THE PURPOSES OF ANY LAW  REGULATING
THE  MAXIMUM  RATE  OF  INTEREST WHICH MAY BE CHARGED, TAKEN OR RECEIVED
INCLUDING SECTIONS 190.40 AND 190.42 OF THE PENAL LAW; AND
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06198-01-1

co-Sponsors

2011-A7096A (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §280, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6763
2013-2014: A35
2015-2016: A1856

2011-A7096A (ACTIVE) - Summary

Provides that a lender providing a reverse mortgage to a person who is 60 years of age or older may receive not more than 20% of the future appreciation of property secured by the mortgage as consideration for providing such reverse mortgage.

2011-A7096A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7096--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 12, 2011
                               ___________

Introduced by M. of A. FARRELL, BRONSON -- read once and referred to the
  Committee on Judiciary -- recommitted to the Committee on Judiciary in
  accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to amend the real property law, in relation to reverse mortgage
  loans for persons sixty years of age or older

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision  2 of section 280 of the real property law is
amended by adding a new paragraph (d-1) to read as follows:
  (D-1)  SUCH RULES OR REGULATIONS AS THE  SUPERINTENDENT  OF  FINANCIAL
SERVICES  SHALL ADOPT, THE AUTHORIZED LENDER, AT ITS OPTION, MAY RECEIVE
NO MORE THAN TWENTY PERCENT OF THE FUTURE APPRECIATION OF  THE  PROPERTY
SECURING  THE REVERSE MORTGAGE LOAN AS FULL OR PARTIAL CONSIDERATION FOR
THE MAKING OF A REVERSE MORTGAGE  LOAN;  PROVIDED,  HOWEVER,  THAT  SUCH
FUTURE  APPRECIATION  SHALL  BE LIMITED BY SUCH RULES AND REGULATIONS AS
THE SUPERINTENDENT OF FINANCIAL SERVICES MAY  ADOPT  OR  THE  AUTHORIZED
LENDER MAY CHARGE A FIXED RATE OF INTEREST ON THE OUTSTANDING BALANCE OF
MONIES  ADVANCED UNDER THE REVERSE MORTGAGE AGREEMENT OR ANY COMBINATION
THEREOF.  ANY SUCH APPRECIATION SHALL NOT BE CONSIDERED INTEREST FOR THE
PURPOSES OF ANY LAW REGULATING THE MAXIMUM RATE OF INTEREST WHICH MAY BE
CHARGED, TAKEN OR RECEIVED INCLUDING SECTIONS 190.40 AND 190.42  OF  THE
PENAL LAW; AND
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06198-03-2

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