Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 03, 2018 |
referred to judiciary |
Feb 16, 2017 |
referred to judiciary |
Senate Bill S4494
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary 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
co-Sponsors
(D) 32nd Senate District
2017-S4494 (ACTIVE) - Details
2017-S4494 (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-S4494 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4494 TITLE OF BILL : 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 PURPOSE : This bill requires that the Department of Financial Services issue a reverse mortgage information summary sheet to mortgage originators. These summary sheets will provide consumer rights information to seniors to help them better understand these financial products. SUMMARY OF PROVISIONS : Section 1: Amends the real property law concerning reverse mortgages to provide that for all reverse mortgages issued under HUD's home equity conversion mortgage program in New York State, the Department of Financial Services must issue a summary sheet to be provided to seniors prior to the execution of a reverse mortgage loan. The summary sheet will contain information useful to seniors, including the real costs of reverse mortgage loans, information about fees, financial alternatives to reverse mortgages, responsibilities
2017-S4494 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4494 2017-2018 Regular Sessions I N S E N A T E February 16, 2017 ___________ Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed 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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