Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 31, 2018 |
held for consideration in judiciary |
Jan 03, 2018 |
referred to judiciary |
Jan 12, 2017 |
referred to judiciary |
Assembly Bill A1664
2017-2018 Legislative Session
Sponsored By
HAWLEY
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
Actions
2017-A1664 (ACTIVE) - Details
2017-A1664 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1664 2017-2018 Regular Sessions I N A S S E M B L Y January 12, 2017 ___________ Introduced by M. of A. HAWLEY -- read once and referred to the Committee on Judiciary 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 283 to read as follows: § 283. 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. LBD02258-01-7
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