senate Bill S4712

2017-2018 Legislative Session

Relates to permitting reverse mortgages for persons aged 70 and over to be secured by a cooperative unit

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 13, 2018 referred to housing
delivered to assembly
passed senate
Feb 06, 2018 advanced to third reading
Feb 05, 2018 2nd report cal.
Jan 30, 2018 1st report cal.355
Jan 03, 2018 referred to aging
returned to senate
died in assembly
Jun 15, 2017 referred to housing
delivered to assembly
passed senate
ordered to third reading cal.1789
committee discharged and committed to rules
Feb 24, 2017 referred to aging

Votes

view votes

Jan 30, 2018 - Aging committee Vote

S4712
9
0
committee
9
Aye
0
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Aging committee vote details

Aging Committee Vote: Jan 30, 2018

aye wr (1)
excused (1)

Jun 15, 2017 - Rules committee Vote

S4712
22
0
committee
22
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S4712 (ACTIVE) - Details

See Assembly Version of this Bill:
A2135
Law Section:
Real Property Law
Laws Affected:
Amd §280-a, RP L
Versions Introduced in 2015-2016 Legislative Session:
S7844, A10246

S4712 (ACTIVE) - Summary

Relates to permitting reverse mortgages for persons aged 70 and over to be secured by a cooperative unit.

S4712 (ACTIVE) - Sponsor Memo

S4712 (ACTIVE) - Bill Text download pdf


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

                                  4712

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 24, 2017
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Aging

AN ACT to amend the real property law, in relation to including  cooper-
  ative  unit loan dwellings as those eligible for reverse mortgages for
  persons seventy years of age or older

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (a) of subdivision 1 of section 280-a of the real
property law, as added by chapter 613 of the laws of 1993, is amended to
read as follows:
  (a) Reverse mortgage loan. A loan which is secured by a first mortgage
on real property improved by a one to four-family residence [or], condo-
minium OR COOPERATIVE UNIT that is the residence of the mortgagor(s) the
proceeds  of  which  are advanced to the mortgagor(s) during the term of
the loan in equal installments, or in advances through a line of  credit
or otherwise, in lump sums, or through a combination thereof.
  § 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03795-01-7

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