Senate Bill S1992A

2017-2018 Legislative Session

Makes certain provisions applicable to foreclosure upon reverse mortgages effective immediately and on a continuing basis

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Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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

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Bill Amendments

2017-S1992 - Details

See Assembly Version of this Bill:
A9592
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1304, RPAP L; amd R3408, CPLR
Versions Introduced in 2015-2016 Legislative Session:
S8177

2017-S1992 - Summary

Makes certain changes applicable to the foreclosure of reverse mortgages, made by chapter 55 of the laws of 2017, take effect immediately and continue past the expiration of certain provisions of law.

2017-S1992 - Sponsor Memo

2017-S1992 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1992
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  amend  the  real  property  actions and proceedings law, in
   relation to required prior notices

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph (a) of subdivision 6 of section 1304 of the real
 property actions and proceedings law, as amended by section 6 of part  Q
 of chapter 73 of the laws of 2016, is amended to read as follows:
   (a)  "Home  loan"  means  a  loan,  including an open-end credit plan,
 [other than a reverse mortgage transaction,] in which:
   (i) The borrower is a natural person;
   (ii) The debt is incurred by  the  borrower  primarily  for  personal,
 family, or household purposes;
   (iii)  The  loan  is  secured  by  a mortgage or deed of trust on real
 estate improved by a one to four family dwelling, or a condominium unit,
 in either case, used or occupied, or intended to  be  used  or  occupied
 wholly  or  partly,  as the home or residence of one or more persons and
 which is or will be occupied by the borrower as the borrower's principal
 dwelling; and
   (iv) The property is located in this state.
   § 2. Paragraph (b) of subdivision 6 of section 1304 of the real  prop-
 erty  actions  and proceedings law, as amended by section 7 of part Q of
 chapter 73 of the laws of 2016, is amended to read as follows:
   (b) "Home loan" means a home loan, including an open-end credit  plan,
 [other than a reverse mortgage transaction,] in which:
   (i) The principal amount of the loan at origination did not exceed the
 conforming  loan  size  that was in existence at the time of origination
 for a comparable dwelling as established by the federal  national  mort-
 gage association;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2017-S1992A (ACTIVE) - Details

See Assembly Version of this Bill:
A9592
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1304, RPAP L; amd R3408, CPLR
Versions Introduced in 2015-2016 Legislative Session:
S8177

2017-S1992A (ACTIVE) - Summary

Makes certain changes applicable to the foreclosure of reverse mortgages, made by chapter 55 of the laws of 2017, take effect immediately and continue past the expiration of certain provisions of law.

2017-S1992A (ACTIVE) - Sponsor Memo

2017-S1992A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1992--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  --  recommitted  to  the Committee on Housing,
   Construction and Community Development in accordance with Senate  Rule
   6,  sec. 8 -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the real property actions and proceedings  law  and  the
   civil  practice  law  and  rules,  in  relation  to foreclosure upon a
   reverse mortgage
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph (a) of subdivision 6 of section 1304 of the real
 property actions and proceedings law, as amended by section 6 of part  Q
 of chapter 73 of the laws of 2016, is amended to read as follows:
   (a)  (1)  "Home loan" means a loan, including an open-end credit plan,
 [other than a reverse mortgage transaction,] in which:
   (i) The borrower is a natural person;
   (ii) The debt is incurred by  the  borrower  primarily  for  personal,
 family, or household purposes;
   (iii)  The  loan  is  secured  by  a mortgage or deed of trust on real
 estate improved by a one to four family dwelling, or a condominium unit,
 in either case, used or occupied, or intended to  be  used  or  occupied
 wholly  or  partly,  as the home or residence of one or more persons and
 which is or will be occupied by the borrower as the borrower's principal
 dwelling; and
   (iv) The property is located in this state.
   (2) A HOME LOAN SHALL INCLUDE A LOAN SECURED  BY  A  REVERSE  MORTGAGE
 THAT  MEETS THE REQUIREMENTS OF CLAUSES (I) THROUGH (IV) OF SUBPARAGRAPH
 ONE OF THIS PARAGRAPH.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00004-03-8

              

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