|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 03, 2018||referred to judiciary|
|Feb 15, 2017||referred to judiciary|
senate Bill S4452
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4452 (ACTIVE) - Details
S4452 (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.
S4452 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4452 TITLE OF BILL : 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 PURPOSE : This bill will regulate certain activities of lenders when defaults take place on reverse mortgages issued in New York State under HUD's home equity conversion mortgage for seniors program. SUMMARY OF PROVISIONS : Section 1: Lenders must now notify the Department of Financial Services when engaging in foreclosure proceedings against a borrower, and must also provide proof to the department that HUD has granted prior approval to accelerate the loan, proof of the default and notice to the borrower, and any other information required by the department. The Department of Financial Services must then provide notice of the foreclosure directly to the borrower, and must also provide information regarding the borrower's rights and legal service organizations available to assist the borrower during the foreclosure process.
S4452 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4452 2017-2018 Regular Sessions I N S E N A T E February 15, 2017 ___________ Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed 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.
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.