assembly Bill A5820A

2017-2018 Legislative Session

Provides for the regulation of federal home equity conversion mortgages

download bill text pdf

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Archive: Last Bill Status - Passed Assembly


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 05, 2018 delivered to senate
passed assembly
May 14, 2018 amended on third reading 5820a
Jan 03, 2018 ordered to third reading cal.414
May 18, 2017 advanced to third reading cal.431
May 16, 2017 reported
May 09, 2017 reported referred to codes
Feb 16, 2017 referred to judiciary

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A5820 - Details

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

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 (view more) prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.

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

view additional co-sponsors

Multi-Sponsors

A5820A (ACTIVE) - Details

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

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 (view more) prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.

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.