Assembly Bill A5822

2017-2018 Legislative Session

Provides for the establishment of the New York state home equity conversion information summary

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Archive: Last Bill Status - On Floor Calendar


  • 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

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2017-A5822 (ACTIVE) - Details

See Senate Version of this Bill:
S4494
Law Section:
Real Property Law
Laws Affected:
Add §280-e, RP L
Versions Introduced in Other Legislative Sessions:
2019-2020: A5628, S2373
2021-2022: S3793
2023-2024: S1541

2017-A5822 (ACTIVE) - Summary

Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.

2017-A5822 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5822
 
                        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  provision  of
   certain  information  to  mortgagors 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-e to read as follows:
   § 280-E. FEDERAL HOME EQUITY CONVERSION MORTGAGE  INFORMATION  SUMMARY
 SHEET.  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) MORTGAGOR. A MORTGAGOR AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF
 THIS ARTICLE.
   (D)  DEPARTMENT.  THE  DEPARTMENT  OF  FINANCIAL  SERVICES ESTABLISHED
 PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW.
   2. THE DEPARTMENT SHALL ESTABLISH AND DISTRIBUTE TO  AUTHORIZED  LEND-
 ERS,  AND  PERIODICALLY  UPDATE, A NEW YORK STATE HOME EQUITY CONVERSION
 INFORMATION SUMMARY. SUCH SUMMARY SHALL INCLUDE, BUT NOT BE LIMITED TO:
   (A) NOTICE THAT REVERSE MORTGAGE LOANS ARE NOT FREE OR COST FREE,  AND
 SUCH  LOANS  HAVE  ASSOCIATED  COSTS  THAT ARE INCLUDED IN THE FINANCING
 THEREOF;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07905-04-7
              

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