Senate Bill S8888

2017-2018 Legislative Session

Relates to reverse cooperative apartment unit loans for persons seventy years of age or older

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2017-S8888 (ACTIVE) - Details

See Assembly Version of this Bill:
A10755
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §6-n, Bank L; amd §9-611, UCC; add R3410, CPLR
Versions Introduced in 2019-2020 Legislative Session:
S3686, A2632

2017-S8888 (ACTIVE) - Summary

Relates to authorizing reverse cooperative apartment unit loans for persons seventy years of age or older; provides additional consumer protections.

2017-S8888 (ACTIVE) - Sponsor Memo

2017-S8888 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8888
 
                             I N  S E N A T E
 
                               June 1, 2018
                                ___________
 
 Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the banking law, the uniform  commercial  code  and  the
   civil  practice  law  and  rules,  in  relation to reverse cooperative
   apartment unit loans
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The banking law is amended by adding a new section 6-n to
 read as follows:
   § 6-N. REVERSE COOPERATIVE APARTMENT UNIT LOANS  FOR  PERSONS  SEVENTY
 YEARS  OF  AGE  OR OLDER. 1. FOR PURPOSES OF THIS SECTION, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) REVERSE COOPERATIVE APARTMENT UNIT LOAN. A LOAN WHICH  IS  SECURED
 BY  AN  INTEREST IN A COOPERATIVE APARTMENT THAT IS THE RESIDENCE OF THE
 BORROWER(S) THE PROCEEDS OF WHICH ARE ADVANCED TO THE BORROWER(S) DURING
 THE TERM OF THE LOAN IN EQUAL INSTALLMENTS, OR  IN  ADVANCES  THROUGH  A
 LINE  OF  CREDIT  OR  OTHERWISE,  IN LUMP SUMS, OR THROUGH A COMBINATION
 THEREOF.
   (B) TERM REVERSE COOPERATIVE APARTMENT UNIT  LOAN.  AS  USED  IN  THIS
 SECTION,  ANY  REVERSE  COOPERATIVE APARTMENT UNIT LOAN THAT HAS A FIXED
 TERM FOR PAYMENTS TO THE BORROWER(S).
   (C) TENURE COOPERATIVE APARTMENT UNIT LOAN. AS USED IN  THIS  SECTION,
 ANY  COOPERATIVE APARTMENT UNIT LOAN THAT DOES NOT HAVE A FIXED TERM FOR
 PAYMENTS TO THE BORROWER(S).
   (D) AUTHORIZED LENDER. ANY BANK, TRUST COMPANY, NATIONAL BANKING ASSO-
 CIATION, SAVINGS BANK, SAVINGS AND  LOAN  ASSOCIATION,  FEDERAL  SAVINGS
 BANK,  FEDERAL  SAVINGS  AND  LOAN ASSOCIATION, CREDIT UNION, OR FEDERAL
 CREDIT UNION OR ANY LICENSED MORTGAGE BANKER APPROVED FOR THE MAKING  OF
 REVERSE MORTGAGE LOANS BY THE SUPERINTENDENT OR ANY ENTITY EXEMPTED FROM
 LICENSING  PURSUANT  TO  SECTION FIVE HUNDRED NINETY OF THIS CHAPTER AND
 APPROVED FOR THE MAKING OF REVERSE MORTGAGE LOANS BY THE SUPERINTENDENT.
   (E) BORROWER. A TENANT IN SEVERALTY WHO IS SEVENTY  YEARS  OF  AGE  OR
 OLDER,  OR  IF  THE COOPERATIVE APARTMENT UNIT IS HELD BY TENANTS BY THE
 ENTIRETY OR BY JOINT TENANCY, THE YOUNGEST OF WHICH IS SEVENTY YEARS  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.