Assembly Bill A5625A

Vetoed By Governor
2019-2020 Legislative Session

Directs the department of financial services to establish a website for federal home equity conversion mortgage product comparison

download bill text pdf

Sponsored By

Archive: Last Bill Status - Vetoed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

multi-Sponsors

2019-A5625 - Details

See Senate Version of this Bill:
S3221
Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in 2017-2018 Legislative Session:
A5819, S4483

2019-A5625 - Summary

Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

2019-A5625 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5625
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2019
                                ___________
 
 Introduced  by  M.  of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ,
   GALEF, ZEBROWSKI, JOYNER, ORTIZ,  GLICK,  DINOWITZ,  CARROLL,  D'URSO,
   STECK,  HYNDMAN, RICHARDSON, SEAWRIGHT, WEPRIN, CAHILL, COLTON, TAYLOR
   -- Multi-Sponsored by -- M. of A.  COOK,  ENGLEBRIGHT,  NOLAN,  SIMON,
   THIELE -- read once and referred to the Committee on Judiciary

 AN  ACT  to  amend  the  real property law, in relation to directing the
   department of financial services to establish an internet website  for
   federal home equity conversion mortgage product comparison
 
   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-c to read as follows:
   §  280-C.  FEDERAL HOME EQUITY CONVERSION MORTGAGE COMPARISON WEBSITE.
 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 THE STATE
 PURSUANT TO THE HOME EQUITY  CONVERSION  MORTGAGE  FOR  SENIORS  PROGRAM
 OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
   (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)  DEPARTMENT.  THE  DEPARTMENT  OF  FINANCIAL  SERVICES ESTABLISHED
 PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW.
   2. THE DEPARTMENT SHALL ESTABLISH AND OPERATE A HOME EQUITY CONVERSION
 MORTGAGE COMPARISON WEBSITE. SUCH WEBSITE SHALL PROVIDE  INFORMATION  TO
 POTENTIAL CONSUMERS OF REVERSE MORTGAGE LOANS, INCLUDING INFORMATION AND
 COMPARISONS  ON  REVERSE MORTGAGE LOAN PRODUCTS SO AS TO ALLOW CONSUMERS
 TO MAKE EDUCATED CHOICES AS TO WHICH AUTHORIZED LENDERS OFFER  THE  BEST
 SERVICES, TERMS AND VALUE BASED ON A VARIETY OF FINANCIAL CIRCUMSTANCES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00900-01-9

co-Sponsors

multi-Sponsors

2019-A5625A (ACTIVE) - Details

See Senate Version of this Bill:
S3221
Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in 2017-2018 Legislative Session:
A5819, S4483

2019-A5625A (ACTIVE) - Summary

Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

2019-A5625A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5625--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2019
                                ___________
 
 Introduced  by  M.  of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ,
   GALEF, ZEBROWSKI, JOYNER, ORTIZ,  GLICK,  DINOWITZ,  CARROLL,  D'URSO,
   STECK,  HYNDMAN, RICHARDSON, SEAWRIGHT, WEPRIN, CAHILL, COLTON, TAYLOR
   -- Multi-Sponsored by -- M. of A. COOK, ENGLEBRIGHT,  GRIFFIN,  NOLAN,
   SIMON,  THIELE -- read once and referred to the Committee on Judiciary
   -- reported and referred  to  the  Committee  on  Ways  and  Means  --
   reported  and  referred  to  the Committee on Rules -- Rules Committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to the Committee on Rules
 
 AN ACT to amend the real property law,  in  relation  to  directing  the
   department  of financial services to establish an internet website for
   federal home equity conversion mortgage product comparison
 
   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  COMPARISON  WEBSITE.
 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 THE STATE
 PURSUANT  TO  THE  HOME  EQUITY  CONVERSION MORTGAGE FOR SENIORS PROGRAM
 OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
   (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) DEPARTMENT.  THE  DEPARTMENT  OF  FINANCIAL  SERVICES  ESTABLISHED
 PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW.
   2. THE DEPARTMENT SHALL ESTABLISH AND OPERATE A HOME EQUITY CONVERSION
 MORTGAGE  COMPARISON  WEBSITE. SUCH WEBSITE SHALL PROVIDE INFORMATION TO
 POTENTIAL CONSUMERS OF REVERSE MORTGAGE LOANS, INCLUDING INFORMATION AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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