Senate Bill S1541

2023-2024 Legislative Session

Provides for the establishment of the New York state home equity conversion information summary

download bill text pdf

Sponsored By

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

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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

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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