Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to aging |
Jan 12, 2023 |
referred to aging |
Senate Bill S1541
2023-2024 Legislative Session
Sponsored By
(D) 14th Senate District
Current Bill Status - In Senate Committee Aging 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
2023-S1541 (ACTIVE) - Details
- Current Committee:
- Senate Aging
- Law Section:
- Real Property Law
- Laws Affected:
- Add §280-c, RP L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018:
S4494
2019-2020: S2373
2021-2022: S3793
2023-S1541 (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.
2023-S1541 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1541 SPONSOR: COMRIE 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 OF BILL: 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 OF BILL: 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 Finan- cial Services must issue a summary sheet to be provided to seniors prior
2023-S1541 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1541 2023-2024 Regular Sessions I N S E N A T E January 12, 2023 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Aging 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-c to read as follows: § 280-C. FEDERAL HOME EQUITY CONVERSION MORTGAGE INFORMATION SUMMARY SHEET. 1. FOR THE PURPOSES OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) 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 DEVELOPMENT. (B) 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) A MORTGAGOR AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTI- CLE. (D) 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; (B) A SCHEDULE OF PAYMENTS TO BE MADE TO AND FROM THE MORTGAGOR, AND THE TOTAL PAYMENT FOR BOTH THE MORTGAGEE AND THE AUTHORIZED LENDER OVER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03620-01-3
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