Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 02, 2016 |
referred to housing delivered to assembly passed senate |
Jun 01, 2016 |
advanced to third reading |
May 25, 2016 |
2nd report cal. |
May 24, 2016 |
1st report cal.1096 |
May 17, 2016 |
referred to aging |
Senate Bill S7844
2015-2016 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Assembly 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
2015-S7844 (ACTIVE) - Details
2015-S7844 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7844 TITLE OF BILL : An act to amend the real property law, in relation to including cooperative unit loan dwellings as those eligible for reverse mortgages for persons seventy years of age or older PURPOSE : To enable owners of co-op apartments, who are over the age of 70, the ability to obtain reverse mortgages, in a manner similar to the way such reverse mortgages can be secured by the owner of a one to four-family owner/occupied residence or condominium unit owner. SUMMARY OF PROVISIONS : Section 1: Amends Real Property Law section 280-a 1(a) to include in the category of owner occupied residential properties that can obtain a reverse mortgage, a Coop unit, in addition to the already authorized owner occupied residential real properties, such as single family homes, owner occupied town homes, and condominium units. This expansion in the ability to obtain such a reverse mortgage would be only for persons who are 70 years of age or older. EXISTING LAW : The current law allows for owners of one to four family residences or
2015-S7844 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7844 I N S E N A T E May 17, 2016 ___________ Introduced by Sen. KLEIN -- 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 including cooper- ative unit loan dwellings as those eligible for reverse mortgages for persons seventy 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. Paragraph (a) of subdivision 1 of section 280-a of the real property law, as added by chapter 613 of the laws of 1993, is amended to read as follows: (a) Reverse mortgage loan. A loan which is secured by a first mortgage on real property improved by a one to four-family residence [or], condo- minium OR COOPERATIVE UNIT that is the residence of the mortgagor(s) the proceeds of which are advanced to the mortgagor(s) during the term of the loan in equal installments, or in advances through a line of credit or otherwise, in lump sums, or through a combination thereof. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15475-02-6
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