senate Bill S2758A

2017-2018 Legislative Session

Relates to enacting additional conditions on authorized lenders of reverse mortgages

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Rules Committee


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2018 committed to rules
Mar 15, 2018 advanced to third reading
Mar 14, 2018 2nd report cal.
Mar 13, 2018 1st report cal.639
Jan 03, 2018 referred to aging
Jun 21, 2017 committed to rules
Mar 01, 2017 advanced to third reading
Feb 28, 2017 2nd report cal.
Feb 14, 2017 1st report cal.245
Feb 07, 2017 print number 2758a
Feb 07, 2017 amend and recommit to aging
Jan 17, 2017 referred to aging

Votes

view votes

Mar 13, 2018 - Aging committee Vote

S2758A
10
0
committee
10
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Aging committee vote details

Aging Committee Vote: Mar 13, 2018

aye wr (1)

Feb 14, 2017 - Aging committee Vote

S2758A
10
0
committee
10
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Aging committee vote details

Aging Committee Vote: Feb 14, 2017

aye wr (1)

S2758 - Details

See Assembly Version of this Bill:
A7589
Current Committee:
Senate Rules
Law Section:
Real Property Law
Laws Affected:
Amd §§280 & 280-a, RP L
Versions Introduced in 2019-2020 Legislative Session:
S1246, A6883

S2758 - Summary

Adds new conditions on authorized lenders of reverse mortgages including: delivery of a plain language notice, providing the borrower with a reverse mortgage worksheet guide and counseling, and a lapse of seven days between the reverse mortgage counseling and acceptance of the borrower's final application.

S2758 - Sponsor Memo

S2758 - Bill Text download pdf


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

                                  2758

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 17, 2017
                               ___________

Introduced  by  Sen.  SERINO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Aging

AN ACT to amend the real property law,  in  relation  to  conditions  on
  lenders who extend reverse mortgages to persons over sixty and seventy
  years old

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

  Section 1. Paragraphs (g), (h) and (i) of subdivision 2 of section 280
of the real property law, as added by chapter 613 of the laws  of  1993,
paragraph  (i) as further amended by section 104 of part A of chapter 62
of the laws of 2011, are amended to read as follows:
  (g) an authorized lender must deliver to the applicant, upon  applica-
tion[,  if available,] a PLAIN LANGUAGE statement prepared by the [local
or county] DEPARTMENT OF FINANCIAL SERVICES WHO MAY CONSULT WITH THE NEW
YORK STATE office for the aging, WHERE APPROPRIATE, on the  advisability
and  availability of independent counseling and information services. IN
ADDITION TO THE PLAIN LANGUAGE NOTICE, NO REVERSE MORTGAGE LOAN APPLICA-
TION SHALL BE TAKEN BY A LENDER UNLESS THE LENDER PROVIDES THE  PROSPEC-
TIVE  BORROWER,  PRIOR TO HIS OR HER MEETING WITH A COUNSELING AGENCY ON
REVERSE MORTGAGES,  WITH  A  REVERSE  MORTGAGE  WORKSHEET  GUIDE  TO  BE
PREPARED  BY  THE  DEPARTMENT OF FINANCIAL SERVICES WHO MAY CONSULT WITH
THE NEW YORK STATE OFFICE FOR THE AGING WHERE APPROPRIATE.  Further,  no
reverse  mortgage  commitment  shall  be  issued by an authorized lender
until the applicant presents, in writing, a statement that the terms  of
the  reverse mortgage loan have been explained by an attorney, a housing
and urban  development  certified  counselor  or  any  other  counseling
service  as  indicated on the statement supplied by the [county or local
office for the aging] DEPARTMENT OF FINANCIAL SERVICES or a signed affi-
davit indicating that the applicant, although made aware of  the  impor-
tance  of counseling and its local availability through the provision of
such information by the authorized lender, chooses not to utilize any of

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

S2758A (ACTIVE) - Details

See Assembly Version of this Bill:
A7589
Current Committee:
Senate Rules
Law Section:
Real Property Law
Laws Affected:
Amd §§280 & 280-a, RP L
Versions Introduced in 2019-2020 Legislative Session:
S1246, A6883

S2758A (ACTIVE) - Summary

Adds new conditions on authorized lenders of reverse mortgages including: delivery of a plain language notice, providing the borrower with a reverse mortgage worksheet guide and counseling, and a lapse of seven days between the reverse mortgage counseling and acceptance of the borrower's final application.

S2758A (ACTIVE) - Sponsor Memo

S2758A (ACTIVE) - Bill Text download pdf


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

                                 2758--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 17, 2017
                               ___________

Introduced  by  Sen.  SERINO -- read twice and ordered printed, and when
  printed to be  committed  to  the  Committee  on  Aging  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to  amend  the  real property law, in relation to conditions on
  lenders who extend reverse mortgages to persons over sixty and seventy
  years old

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

  Section 1. Paragraphs (g), (h) and (i) of subdivision 2 of section 280
of  the  real property law, as added by chapter 613 of the laws of 1993,
paragraph (i) as further amended by section 104 of part A of chapter  62
of the laws of 2011, are amended to read as follows:
  (g)  an authorized lender must deliver to the applicant, upon applica-
tion[, if available,] a PLAIN LANGUAGE statement prepared by the  [local
or county] DEPARTMENT OF FINANCIAL SERVICES WHO MAY CONSULT WITH THE NEW
YORK  STATE office for the aging, WHERE APPROPRIATE, on the advisability
and availability of independent counseling and information services.  IN
ADDITION TO THE PLAIN LANGUAGE NOTICE, NO REVERSE MORTGAGE LOAN APPLICA-
TION  SHALL BE TAKEN BY A LENDER UNLESS THE LENDER PROVIDES THE PROSPEC-
TIVE BORROWER, PRIOR TO HIS OR HER MEETING WITH A COUNSELING  AGENCY  ON
REVERSE  MORTGAGES,  WITH  A  REVERSE  MORTGAGE  WORKSHEET  GUIDE  TO BE
PREPARED BY THE DEPARTMENT OF FINANCIAL SERVICES WHO  MAY  CONSULT  WITH
THE  NEW  YORK STATE OFFICE FOR THE AGING WHERE APPROPRIATE. Further, no
reverse mortgage commitment shall be  issued  by  an  authorized  lender
until  the applicant presents, in writing, a statement that the terms of
the reverse mortgage loan have been explained by an attorney, a  housing
and  urban  development  certified  counselor  or  any  other counseling
service as indicated on the statement supplied by the [county  or  local
office for the aging] DEPARTMENT OF FINANCIAL SERVICES or a signed affi-
davit  indicating  that the applicant, although made aware of the impor-

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

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