assembly Bill A5819

2017-2018 Legislative Session

Directs the department of financial services to establish a website for federal home equity conversion mortgage product comparison

download bill text pdf

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Archive: Last Bill Status - Passed Assembly


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

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 20, 2018 referred to finance
delivered to senate
passed assembly
Jan 03, 2018 ordered to third reading cal.413
returned to assembly
died in senate
Jun 20, 2017 referred to rules
delivered to senate
passed assembly
Jun 15, 2017 ordered to third reading rules cal.383
rules report cal.383
reported
Jun 14, 2017 reported referred to rules
May 09, 2017 reported referred to ways and means
Feb 16, 2017 referred to judiciary

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A5819 (ACTIVE) - Details

See Senate Version of this Bill:
S4483
Current Committee:
Senate Finance
Law Section:
Real Property Law
Laws Affected:
Add §280-c, RP L
Versions Introduced in 2019-2020 Legislative Session:
A5625, S3221

A5819 (ACTIVE) - Summary

Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

A5819 (ACTIVE) - Bill Text download pdf


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

                                  5819

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            February 16, 2017
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
  Committee on Judiciary

AN ACT to amend the real property law,  in  relation  to  directing  the
  department  of financial services to establish an internet website for
  federal home equity conversion mortgage product comparison

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  real property law is amended by adding a new section
280-c to read as follows:
  § 280-C. FEDERAL HOME EQUITY CONVERSION MORTGAGE  COMPARISON  WEBSITE.
1.  FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE
FOLLOWING MEANINGS:
  (A) REVERSE MORTGAGE LOAN. A  REVERSE  MORTGAGE  LOAN  AS  DEFINED  IN
SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE, WHICH IS ISSUED IN THE STATE
PURSUANT  TO  THE  HOME  EQUITY  CONVERSION MORTGAGE FOR SENIORS PROGRAM
OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
  (B) AUTHORIZED LENDER. AN AUTHORIZED LENDER AS DEFINED IN SECTION  TWO
HUNDRED  EIGHTY  OF  THIS  ARTICLE  AUTHORIZED  TO MAKE REVERSE MORTGAGE
LOANS, AS DEFINED IN THIS SECTION.
  (C) DEPARTMENT.  THE  DEPARTMENT  OF  FINANCIAL  SERVICES  ESTABLISHED
PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW.
  2. THE DEPARTMENT SHALL ESTABLISH AND OPERATE A HOME EQUITY CONVERSION
MORTGAGE  COMPARISON  WEBSITE. SUCH WEBSITE SHALL PROVIDE INFORMATION TO
POTENTIAL CONSUMERS OF REVERSE MORTGAGE LOANS, INCLUDING INFORMATION AND
COMPARISONS ON REVERSE MORTGAGE LOAN PRODUCTS SO AS TO  ALLOW  CONSUMERS
TO  MAKE  EDUCATED CHOICES AS TO WHICH AUTHORIZED LENDERS OFFER THE BEST
SERVICES, TERMS AND VALUE BASED ON A VARIETY OF FINANCIAL CIRCUMSTANCES.
THE DEPARTMENT SHALL ENSURE THAT THE WEBSITE ALLOWS CONSUMERS TO COMPARE
THE COST, RATE AND SERVICE FEATURES OF REVERSE MORTGAGE LOAN PRODUCTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07813-02-7