senate Bill S4483

2017-2018 Legislative Session

Directs the department of financial services to establish a website for federal home equity conversion mortgage product comparison

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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 (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 30, 2018 reported and committed to finance
Jan 03, 2018 referred to judiciary
Jun 21, 2017 committed to rules
Jun 05, 2017 advanced to third reading
May 24, 2017 2nd report cal.
May 23, 2017 1st report cal.1128
Feb 15, 2017 referred to judiciary

Votes

view votes

Jan 30, 2018 - Judiciary committee Vote

S4483
19
0
committee
19
Aye
0
Nay
3
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Judiciary committee vote details

May 23, 2017 - Judiciary committee Vote

S4483
20
0
committee
20
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Judiciary committee vote details

Co-Sponsors

S4483 (ACTIVE) - Details

See Assembly Version of this Bill:
A5819
Current Committee:
Senate Finance
Law Section:
Real Property Law
Laws Affected:
Add §280-c, RP L
Versions Introduced in 2019-2020 Legislative Session:
S3221, A5625

S4483 (ACTIVE) - Summary

Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

S4483 (ACTIVE) - Sponsor Memo

S4483 (ACTIVE) - Bill Text download pdf


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

                                  4483

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 15, 2017
                               ___________

Introduced  by Sen. HAMILTON -- 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  directing  the
  department  of financial services to establish an internet website for
  federal home equity conversion mortgage product comparison

  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-c to read as follows:
  § 280-C. FEDERAL HOME EQUITY CONVERSION MORTGAGE  COMPARISON  WEBSITE.
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 THE STATE
PURSUANT  TO  THE  HOME  EQUITY  CONVERSION MORTGAGE FOR SENIORS PROGRAM
OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
  (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. THE DEPARTMENT SHALL ESTABLISH AND OPERATE A HOME EQUITY CONVERSION
MORTGAGE  COMPARISON  WEBSITE. SUCH WEBSITE SHALL PROVIDE INFORMATION TO
POTENTIAL CONSUMERS OF REVERSE MORTGAGE LOANS, INCLUDING INFORMATION AND
COMPARISONS ON REVERSE MORTGAGE LOAN PRODUCTS SO AS TO  ALLOW  CONSUMERS
TO  MAKE  EDUCATED CHOICES AS TO WHICH AUTHORIZED LENDERS OFFER THE BEST
SERVICES, TERMS AND VALUE BASED ON A VARIETY OF FINANCIAL CIRCUMSTANCES.
THE DEPARTMENT SHALL ENSURE THAT THE WEBSITE ALLOWS CONSUMERS TO COMPARE
THE COST, RATE AND SERVICE FEATURES OF REVERSE MORTGAGE LOAN PRODUCTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07813-02-7

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