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Assembly Bill A35

2013-2014 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 Assembly Committee

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2013-A35 (ACTIVE) - Details

See Senate Version of this Bill:
S303
Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd ยง280, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6763, S1339
2011-2012: A7096, S1078
2015-2016: A1856, S864

2013-A35 (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.

2013-A35 (ACTIVE) - Bill Text download pdf 

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

                                   35

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Judiciary

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.
                                                           LBD03099-01-3

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