|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to judiciary|
|Jan 09, 2013||referred to judiciary|
senate Bill S303
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S303 - Details
S303 - 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.
S303 - Sponsor Memo
BILL NUMBER:S303 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 would amend 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).
S303 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 303 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee 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
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.