Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
ordered to third reading cal.416 |
Jun 15, 2017 |
ordered to third reading rules cal.384 rules report cal.384 reported |
Jun 14, 2017 |
reported referred to rules |
May 16, 2017 |
reported referred to ways and means |
May 09, 2017 |
reported referred to codes |
Feb 16, 2017 |
referred to judiciary |
Assembly Bill A5822
2017-2018 Legislative Session
Sponsored By
WEINSTEIN
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
co-Sponsors
Walter T. Mosley
Ellen C. Jaffee
Peter Abbate
William Colton
multi-Sponsors
Vivian Cook
Steven Englebright
Catherine Nolan
Jo Anne Simon
2017-A5822 (ACTIVE) - Details
2017-A5822 (ACTIVE) - Summary
Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.
2017-A5822 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5822 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 the provision of certain information to mortgagors 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-e to read as follows: § 280-E. FEDERAL HOME EQUITY CONVERSION MORTGAGE INFORMATION SUMMARY SHEET. 1. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING 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) MORTGAGOR. A MORTGAGOR AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE. (D) DEPARTMENT. THE DEPARTMENT OF FINANCIAL SERVICES ESTABLISHED PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW. 2. THE DEPARTMENT SHALL ESTABLISH AND DISTRIBUTE TO AUTHORIZED LEND- ERS, AND PERIODICALLY UPDATE, A NEW YORK STATE HOME EQUITY CONVERSION INFORMATION SUMMARY. SUCH SUMMARY SHALL INCLUDE, BUT NOT BE LIMITED TO: (A) NOTICE THAT REVERSE MORTGAGE LOANS ARE NOT FREE OR COST FREE, AND SUCH LOANS HAVE ASSOCIATED COSTS THAT ARE INCLUDED IN THE FINANCING THEREOF; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07905-04-7
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