Assembly Bill A2056

2025-2026 Legislative Session

Relates to flood insurance limits

download bill text pdf

Sponsored By

Current Bill Status - On Floor Calendar

  • 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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2025-A2056 (ACTIVE) - Details

See Senate Version of this Bill:
S2670
Law Section:
Real Property Law
Laws Affected:
Amd §283, RP L; amd §2, Chap of 2024 (as proposed in S.7125-A & A.5073-A)

2025-A2056 (ACTIVE) - Summary

Makes clarifying changes in regards to the purchase of flood insurance by mortgagors that exceeds certain limits upon a mortgagees request; amends the effectiveness thereof.

2025-A2056 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2056
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2025
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Judiciary
 
 AN  ACT to amend the real property law, in relation to prohibiting mort-
   gagees from requiring mortgagors of certain real property to  purchase
   flood  insurance  exceeding  certain limits; and to amend a chapter of
   the laws of 2024 amending the real property law relating to  prohibit-
   ing  mortgagees  from requiring mortgagors of certain real property to
   purchase flood insurance exceeding  certain  limits,  as  proposed  in
   legislative  bills numbers S. 7125-A and A. 5073-A, in relation to the
   effectiveness thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 283 of the real property law, as added by a chapter
 of the laws of 2024 amending the real property law relating to prohibit-
 ing  mortgagees  from  requiring  mortgagors of certain real property to
 purchase flood insurance exceeding certain limits, as proposed in legis-
 lative bills numbers S. 7125-A and A. 5073-A,  is  amended  to  read  as
 follows:
   §  283. Limits on amount of flood insurance required by mortgagee.  No
 mortgagee shall  require  a  mortgagor  to  whom  the  mortgagee  makes,
 increases,  extends,  or  renews  any  loan or line of credit secured by
 improved residential real property to purchase or pay for  flood  insur-
 ance  on  such residential real property:  (1) at a coverage amount that
 exceeds the LESSER OF THE REPLACEMENT  VALUE  OF  THE  RESIDENTIAL  REAL
 PROPERTY  OR THE outstanding principal mortgage balance as of the begin-
 ning of the year for which the policy shall be in effect;  or  (2)  that
 includes  coverage  for  contents.  In  each  instance where a mortgagee
 requires a mortgagor to purchase or pay  for  flood  insurance  on  such
 residential  real  property,  the  mortgagee shall provide notice to the
 mortgagor at the time the mortgagee is notified of the need to  purchase
 or  pay  for  flood  insurance  that  states  the following in clear and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02840-02-5

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