Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to aging |
Jul 16, 2009 |
committed to rules |
Feb 11, 2009 |
advanced to third reading |
Feb 10, 2009 |
2nd report cal. |
Feb 09, 2009 |
1st report cal.13 |
Jan 28, 2009 |
referred to aging |
Senate Bill S1339
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last 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
Actions
Votes
co-Sponsors
(R, C, IP) Senate District
2009-S1339 (ACTIVE) - Details
2009-S1339 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1339 TITLE OF BILL : An act to amend the real property law, in relation to reverse mortgage loans for persons sixty years of age or older PURPOSE : This bill will limit shared appreciation in revenue mortgage. SUMMARY OF PROVISIONS : This bill amends subdivision 2 of section 280 of the real property law to limit the shared appreciation any authorized lender may receive no more than 20 per cent of the appreciation during the term of the mortgage. JUSTIFICATION : In 1994, the Real Property Law was amended to formalize the reverse mortgage law in The State of New York. (Reverse mortgage allows senior citizens to take equity out of their homes which they are living there through equal installments, a line of credit or a lump sum.) Those mortgages are now being satisfied either by the mortgagor paying off the mortgage, selling the property themselves or through their estate. The Legislature has received depressing information: For example in 1996, an individual mortgagor received a lump sum payment
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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