|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|
senate Bill S4483
Archive: Last Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4483 (ACTIVE) - Details
S4483 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4483 TITLE OF BILL : 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 PURPOSE : This bill would create a new website, run by the Department of Financial Services, to compare HUD home equity conversion mortgage information, rates, and features to seniors in order to create a buyer's market for these products and ensure seniors have reliable, updated, and comprehensive information about the products. SUMMARY OF PROVISIONS : Section 1: Requires the Department of Financial Services to establish and operate a home equity conversion mortgage comparison website. The website will provide information to seniors, including information and comparisons on reverse mortgage loan products in order to help seniors make educated decisions on which products to choose. The website will allow the consumer to compare the cost, rate, and service features of these products.
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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