senate Bill S1078A

2011-2012 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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 25, 2012 print number 1078a
amend and recommit to finance
Jan 04, 2012 referred to finance
Jan 05, 2011 referred to finance

Co-Sponsors

S1078 - Details

See Assembly Version of this Bill:
A7096A
Law Section:
Real Property Law
Laws Affected:
Amd §280, RP L
Versions Introduced in 2009-2010 Legislative Session:
S1339, A6763

S1078 - 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.

S1078 - Sponsor Memo

S1078 - Bill Text download pdf

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

                                  1078

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 5, 2011
                               ___________

Introduced  by  Sens. MARTINS, SKELOS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Finance

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.
                                                           LBD06198-01-1

Co-Sponsors

S1078A (ACTIVE) - Details

See Assembly Version of this Bill:
A7096A
Law Section:
Real Property Law
Laws Affected:
Amd §280, RP L
Versions Introduced in 2009-2010 Legislative Session:
S1339, A6763

S1078A (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.

S1078A (ACTIVE) - Sponsor Memo

S1078A (ACTIVE) - Bill Text download pdf

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

                                 1078--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 5, 2011
                               ___________

Introduced  by  Sens. MARTINS, SKELOS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Finance -- recom-
  mitted to the Committee on Finance in accordance with Senate  Rule  6,
  sec.  8  --  committee  discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

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)  SUCH  RULES  OR  REGULATIONS AS THE SUPERINTENDENT OF FINANCIAL
SERVICES 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 APPRECIATION SHALL BE LIMITED BY SUCH RULES  AND  REGULATIONS  AS
THE  SUPERINTENDENT  OF  FINANCIAL  SERVICES 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.
                                                           LBD06198-02-2

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