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Senate Bill S1339

2009-2010 Legislative Session

Provides that a lender may receive not more than 20% of the future appreciation of property secured by a reverse mortgage granted to a person 60 years old or older

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Archive: Last Bill Status - In Senate Committee Aging Committee

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2009-S1339 (ACTIVE) - Details

See Assembly Version of this Bill:
A6763
Current Committee:
Senate Aging
Law Section:
Real Property Law
Laws Affected:
Amd ยง280, RP L
Versions Introduced in Other Legislative Sessions:
2011-2012: S1078, A7096
2013-2014: S303, A35
2015-2016: S864, A1856

2009-S1339 (ACTIVE) - Summary

Provides that a lender providing a reverse mortgage to a person who is 60 years of age or older may receive not more than 20% of the future appreciation of property secured by the mortgage as consideration for providing such reverse mortgage.

2009-S1339 (ACTIVE) - Sponsor Memo

2009-S1339 (ACTIVE) - Bill Text download pdf 

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

                                  1339

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 28, 2009
                               ___________

Introduced  by  Sen.  SKELOS -- 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  reverse  mortgage
  loans for persons sixty years of age or older

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 280 of the real  property  law  is
amended by adding a new paragraph (d-1) to read as follows:
  (D-1)  SUBJECT TO SUCH RULES OR REGULATIONS AS THE BANKING BOARD SHALL
ADOPT, THE AUTHORIZED LENDER, AT ITS OPTION, MAY RECEIVE  NO  MORE  THAN
TWENTY  PERCENT  OF THE FUTURE APPRECIATION OF THE PROPERTY SECURING THE
REVERSE MORTGAGE LOAN AS FULL OR PARTIAL CONSIDERATION FOR THE MAKING OF
A REVERSE MORTGAGE LOAN; PROVIDED, HOWEVER, THAT  SUCH  FUTURE  APPRECI-
ATION  SHALL  BE  LIMITED  BY  SUCH RULES AND REGULATIONS AS THE BANKING
BOARD MAY ADOPT OR THE AUTHORIZED LENDER MAY  CHARGE  A  FIXED  RATE  OF
INTEREST ON THE OUTSTANDING BALANCE OF MONIES ADVANCED UNDER THE REVERSE
MORTGAGE  AGREEMENT  OR  ANY COMBINATION THEREOF.  ANY SUCH APPRECIATION
SHALL NOT BE CONSIDERED INTEREST FOR THE PURPOSES OF ANY LAW  REGULATING
THE  MAXIMUM  RATE  OF  INTEREST WHICH MAY BE CHARGED, TAKEN OR RECEIVED
INCLUDING SECTIONS 190.40 AND 190.42 OF THE PENAL LAW; AND
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03393-01-9

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