Do you support this bill?

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

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

co-Sponsors

multi-Sponsors

2017-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

2017-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.

2017-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

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.