Assembly Bill A5820A

2017-2018 Legislative Session

Provides for the regulation of federal home equity conversion mortgages

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Assembly


  • 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

co-Sponsors

multi-Sponsors

2017-A5820 - Details

Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in 2019-2020 Legislative Session:
A5626

2017-A5820 - Summary

Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted

2017-A5820 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5820
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2017
                                ___________
 
 Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
   Committee on Judiciary
 
 AN ACT to amend the real property law,  in  relation  to  regulation  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-b to read as follows:
   § 280-B. FEDERAL HOME EQUITY CONVERSION MORTGAGE REGULATION. 1.    FOR
 THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING 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) SUPERINTENDENT. THE SUPERINTENDENT OF  FINANCIAL  SERVICES  ESTAB-
 LISHED  PURSUANT  TO  SECTION  TWO HUNDRED TWO OF THE FINANCIAL SERVICES
 LAW.
   2. NO AUTHORIZED LENDER OR ANY OTHER PARTY  OR  ENTITY  SHALL  IN  ANY
 MANNER, IN THE MARKETING OR OFFERING OF REVERSE MORTGAGE LOANS:
   (A)  USE  THE  WORDS  "PUBLIC SERVICE ANNOUNCEMENT" IN ANY COMMERCIAL,
 MAILING, ADVERTISEMENT OR WRITING RELATING THERETO; OR
   (B) USE THE WORDS  "GOVERNMENT  INSURED"  OR  OTHER  SIMILAR  LANGUAGE
 REPRESENTING  THAT  REVERSE  MORTGAGE  LOANS  ARE INSURED, SUPPORTED AND
 SPONSORED BY ANY GOVERNMENTAL ENTITY IN ANY COMMERCIAL, MAILING,  ADVER-
 TISEMENT OR WRITING RELATING THERETO; OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2017-A5820A (ACTIVE) - Details

Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in 2019-2020 Legislative Session:
A5626

2017-A5820A (ACTIVE) - Summary

Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted

2017-A5820A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5820--A
                                                         Cal. No. 414
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2017
                                ___________
 
 Introduced  by  M.  of A. WEINSTEIN, MOSLEY, ABBATE, COLTON, CYMBROWITZ,
   GALEF, ZEBROWSKI,  JOYNER,  ORTIZ,  RIVERA,  BLAKE,  GLICK,  DINOWITZ,
   CARROLL, D'URSO, STECK, HYNDMAN, RICHARDSON, DAVILA, AUBRY, SEAWRIGHT,
   ABINANTI,  WALLACE,  CAHILL  --  Multi-Sponsored  by -- M. of A. COOK,
   ENGLEBRIGHT, NOLAN, SIMON, THIELE -- read once  and  referred  to  the
   Committee  on  Judiciary  --  ordered  to a third reading, amended and
   ordered reprinted, retaining its place on the order of third reading
 
 AN ACT to amend the real property law,  in  relation  to  regulation  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-b to read as follows:
   § 280-B. FEDERAL HOME EQUITY CONVERSION MORTGAGE REGULATION. 1.    FOR
 THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING 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) SUPERINTENDENT. THE SUPERINTENDENT OF  FINANCIAL  SERVICES  ESTAB-
 LISHED  PURSUANT  TO  SECTION  TWO HUNDRED TWO OF THE FINANCIAL SERVICES
 LAW.
   2. NO AUTHORIZED LENDER OR ANY OTHER PARTY  OR  ENTITY  SHALL  IN  ANY
 MANNER,  IN  THE MARKETING OR OFFERING OF REVERSE MORTGAGE LOANS, ENGAGE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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