Senate Bill S2670

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-S2670 (ACTIVE) - Details

See Assembly Version of this Bill:
A2056
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-S2670 (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-S2670 (ACTIVE) - Sponsor Memo

2025-S2670 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2670
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2025
                                ___________
 
 Introduced  by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
   when printed to be committed to the Committee on Rules
 
 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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