Senate Bill S1221

2009-2010 Legislative Session

Prohibits mortgagees from requiring mortgagors of certain pieces of real property to purchase flood insurance coverage exceeding the actual value of the loan

download bill text pdf

Sponsored By

Archive: Last 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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2009-S1221 (ACTIVE) - Details

See Assembly Version of this Bill:
A2096
Law Section:
Real Property Law
Laws Affected:
Add §282, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: A8177
2013-2014: A389
2015-2016: A3337
2017-2018: A1664
2019-2020: A1669
2021-2022: A5598

2009-S1221 (ACTIVE) - Summary

Prohibits mortgagees from requiring mortgagors of certain pieces of real property to purchase flood insurance coverage exceeding the actual value of the loan.

2009-S1221 (ACTIVE) - Sponsor Memo

2009-S1221 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1221

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 28, 2009
                               ___________

Introduced  by Sens. THOMPSON, ONORATO, PARKER -- read twice and ordered
  printed, and when printed to be committed to the Committee on  Judici-
  ary

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 the amount required by federal law

  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
282 to read as follows:
  S  282.   LIMITS TO COMPULSORY FLOOD INSURANCE. 1. NO MORTGAGEE, SHALL
REQUIRE A MORTGAGOR TO WHOM THE MORTGAGEE, MAKES, INCREASES, EXTENDS, OR
RENEWS ANY LOAN SECURED BY IMPROVED  REAL  PROPERTY  OR  A  MOBILE  HOME
LOCATED  OR  TO  BE  LOCATED  IN AN AREA THAT HAS BEEN IDENTIFIED BY THE
DIRECTOR OF THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS  AN  AREA  HAVING
SPECIAL  FLOOD HAZARDS AND IN WHICH FLOOD INSURANCE HAS BEEN MADE AVAIL-
ABLE UNDER THE NATIONAL FLOOD INSURANCE ACT TO  PURCHASE  MORE  COVERAGE
THAN  THE  MINIMUM  AMOUNT  OF  COVERAGE  REQUIRED BY THE NATIONAL FLOOD
INSURANCE ACT, THAT IS, AN AMOUNT EQUAL  TO  THE  OUTSTANDING  PRINCIPAL
BALANCE  OF  THE  LOAN  OR  THE MAXIMUM LIMIT OF COVERAGE MADE AVAILABLE
UNDER THE NATIONAL FLOOD INSURANCE ACT, WHICHEVER IS LESS.
  2. NO MORTGAGEE SHALL DENY A LOAN TO A MORTGAGOR OR PROSPECTIVE  MORT-
GAGOR  OF  ANY  LOAN  SECURED BY IMPROVED REAL PROPERTY OR A MOBILE HOME
LOCATED OR TO BE LOCATED IN AN AREA THAT  HAS  BEEN  IDENTIFIED  BY  THE
DIRECTOR  OF  THE  FEDERAL EMERGENCY MANAGEMENT AGENCY AS AN AREA HAVING
SPECIAL FLOOD HAZARDS AND IN WHICH FLOOD INSURANCE HAS BEEN MADE  AVAIL-
ABLE UNDER THE NATIONAL FLOOD INSURANCE ACT, ON THE BASIS THAT THE MORT-
GAGOR  DECLINES  TO  PURCHASE  FLOOD  INSURANCE COVERAGE IN EXCESS OF AN
AMOUNT EQUAL TO THE OUTSTANDING PRINCIPAL BALANCE OF  THE  LOAN  OR  THE
MAXIMUM LIMIT OF COVERAGE MADE AVAILABLE UNDER THE NATIONAL FLOOD INSUR-
ANCE ACT, WHICHEVER IS LESS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03195-01-9
              

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