Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 05, 2018 |
delivered to senate passed assembly |
May 14, 2018 |
amended on third reading 5820a |
Jan 03, 2018 |
ordered to third reading cal.414 |
May 18, 2017 |
advanced to third reading cal.431 |
May 16, 2017 |
reported |
May 09, 2017 |
reported referred to codes |
Feb 16, 2017 |
referred to judiciary |
Assembly Bill A5820A
2017-2018 Legislative Session
Sponsored By
WEINSTEIN
Archive: Last Bill Status - Passed Assembly
- 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
Bill Amendments
co-Sponsors
Walter T. Mosley
Peter Abbate
William Colton
Luis R. Sepúlveda
multi-Sponsors
Vivian Cook
Steven Englebright
Catherine Nolan
Jo Anne Simon
2017-A5820 - Details
- Law Section:
- Real Property Law
- Laws Affected:
- Add §280-b, RP L
- Versions Introduced in 2019-2020 Legislative Session:
-
A5626
2017-A5820 - Summary
Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted
2017-A5820 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5820 2017-2018 Regular Sessions I N A S S E M B L Y February 16, 2017 ___________ Introduced by M. of A. WEINSTEIN -- read once and referred to the Committee on Judiciary AN ACT to amend the real property law, in relation to regulation of reverse mortgages issued under the federal home equity conversion mortgage for seniors program 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 280-b to read as follows: § 280-B. FEDERAL HOME EQUITY CONVERSION MORTGAGE REGULATION. 1. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW- ING MEANINGS: (A) REVERSE MORTGAGE LOAN. A REVERSE MORTGAGE LOAN AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE, WHICH IS ISSUED IN THIS STATE PURSUANT TO THE HOME EQUITY CONVERSION MORTGAGE FOR SENIORS PROGRAM OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOP- MENT. (B) AUTHORIZED LENDER. AN AUTHORIZED LENDER AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE AUTHORIZED TO MAKE REVERSE MORTGAGE LOANS, AS DEFINED IN THIS SECTION. (C) SUPERINTENDENT. THE SUPERINTENDENT OF FINANCIAL SERVICES ESTAB- LISHED PURSUANT TO SECTION TWO HUNDRED TWO OF THE FINANCIAL SERVICES LAW. 2. NO AUTHORIZED LENDER OR ANY OTHER PARTY OR ENTITY SHALL IN ANY MANNER, IN THE MARKETING OR OFFERING OF REVERSE MORTGAGE LOANS: (A) USE THE WORDS "PUBLIC SERVICE ANNOUNCEMENT" IN ANY COMMERCIAL, MAILING, ADVERTISEMENT OR WRITING RELATING THERETO; OR (B) USE THE WORDS "GOVERNMENT INSURED" OR OTHER SIMILAR LANGUAGE REPRESENTING THAT REVERSE MORTGAGE LOANS ARE INSURED, SUPPORTED AND SPONSORED BY ANY GOVERNMENTAL ENTITY IN ANY COMMERCIAL, MAILING, ADVER- TISEMENT OR WRITING RELATING THERETO; OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
Walter T. Mosley
Peter Abbate
William Colton
Steven Cymbrowitz
multi-Sponsors
Vivian Cook
Steven Englebright
Catherine Nolan
Jo Anne Simon
2017-A5820A (ACTIVE) - Details
- Law Section:
- Real Property Law
- Laws Affected:
- Add §280-b, RP L
- Versions Introduced in 2019-2020 Legislative Session:
-
A5626
2017-A5820A (ACTIVE) - Summary
Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted
2017-A5820A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5820--A Cal. No. 414 2017-2018 Regular Sessions I N A S S E M B L Y February 16, 2017 ___________ Introduced by M. of A. WEINSTEIN, MOSLEY, ABBATE, COLTON, CYMBROWITZ, GALEF, ZEBROWSKI, JOYNER, ORTIZ, RIVERA, BLAKE, GLICK, DINOWITZ, CARROLL, D'URSO, STECK, HYNDMAN, RICHARDSON, DAVILA, AUBRY, SEAWRIGHT, ABINANTI, WALLACE, CAHILL -- Multi-Sponsored by -- M. of A. COOK, ENGLEBRIGHT, NOLAN, SIMON, THIELE -- read once and referred to the Committee on Judiciary -- ordered to a third reading, amended and ordered reprinted, retaining its place on the order of third reading AN ACT to amend the real property law, in relation to regulation of reverse mortgages issued under the federal home equity conversion mortgage for seniors program 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 280-b to read as follows: § 280-B. FEDERAL HOME EQUITY CONVERSION MORTGAGE REGULATION. 1. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW- ING MEANINGS: (A) REVERSE MORTGAGE LOAN. A REVERSE MORTGAGE LOAN AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE, WHICH IS ISSUED IN THIS STATE PURSUANT TO THE HOME EQUITY CONVERSION MORTGAGE FOR SENIORS PROGRAM OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOP- MENT. (B) AUTHORIZED LENDER. AN AUTHORIZED LENDER AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE AUTHORIZED TO MAKE REVERSE MORTGAGE LOANS, AS DEFINED IN THIS SECTION. (C) SUPERINTENDENT. THE SUPERINTENDENT OF FINANCIAL SERVICES ESTAB- LISHED PURSUANT TO SECTION TWO HUNDRED TWO OF THE FINANCIAL SERVICES LAW. 2. NO AUTHORIZED LENDER OR ANY OTHER PARTY OR ENTITY SHALL IN ANY MANNER, IN THE MARKETING OR OFFERING OF REVERSE MORTGAGE LOANS, ENGAGE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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