Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 03, 2018 | ordered to third reading cal.415 |
May 18, 2017 | advanced to third reading cal.432 |
May 16, 2017 | reported |
May 09, 2017 | reported referred to codes |
Feb 16, 2017 | referred to judiciary |
Archive: Last Bill Status - On Floor Calendar
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
Co-Sponsors
Walter T. Mosley
Ellen C. Jaffee
Peter Abbate
William Colton
Multi-Sponsors
Vivian Cook
Steven Englebright
Catherine Nolan
Jo Anne Simon
A5821 (ACTIVE) - Details
A5821 (ACTIVE) - Summary
Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.
A5821 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5821 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 the regulation of default and foreclosure of reverse mortgages issued under the federal home equity conversion mortgage for seniors program 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-d to read as follows: § 280-D. FEDERAL HOME EQUITY CONVERSION MORTGAGE DEFAULT AND FORECLO- SURE REGULATION. 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 THIS STATE PURSUANT TO THE HOME EQUITY CONVERSION MORTGAGE FOR SENIORS PROGRAM OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOP- MENT. (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. IN THE EVENT OF A DEFAULT OR FORECLOSURE UPON A REVERSE MORTGAGE LOAN, THE AUTHORIZED LENDER, UPON THE COMMENCEMENT OF THE FORECLOSURE PROCEEDING, SHALL TRANSMIT TO THE DEPARTMENT PROOF THAT THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT HAS GRANTED PRIOR APPROVAL TO ACCELERATE THE LOAN, PROOF OF THE DEFAULT NOTICE TO THE MORTGAGOR AND ANY SUCH INFORMATION RELATING TO THE LOANS AND THE MORTGAGOR AS THE DEPARTMENT SHALL DETERMINE TO BE NECESSARY. UPON RECEIPT OF SUCH INFOR- MATION, THE DEPARTMENT SHALL PROVIDE NOTICE OF AND INFORMATION RELATING TO THE FORECLOSURE TO THE MORTGAGOR. SUCH NOTICE SHALL INCLUDE A NOTICE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.