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Assembly Bill A4770A

2019-2020 Legislative Session

Relates to prohibiting mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits

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Archive: Last Bill Status - In Senate Committee Rules Committee

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Bill Amendments

co-Sponsors

2019-A4770 - Details

See Senate Version of this Bill:
S4629
Current Committee:
Senate Rules
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in Other Legislative Sessions:
2021-2022: A4424, S4696
2023-2024: A5073, S7125

2019-A4770 - Summary

Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding a coverage amount that exceeds the outstanding mortgage thereon, or that includes coverage for contents.

2019-A4770 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4770
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Judiciary
 
 AN  ACT to amend the real property law, in relation to prohibiting mort-
   gagees from requiring mortgagors of certain real property to  purchase
   flood insurance exceeding certain limits

   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
 283 to read as follows:
   §  283.  LIMITS  TO  COMPULSORY  FLOOD  INSURANCE.  NO MORTGAGEE SHALL
 REQUIRE A MORTGAGOR TO WHOM THE MORTGAGEE MAKES, INCREASES, EXTENDS,  OR
 RENEWS ANY LOAN SECURED BY IMPROVED REAL PROPERTY TO PURCHASE OR PAY FOR
 FLOOD INSURANCE ON SUCH PROPERTY:  (1) AT A COVERAGE AMOUNT THAT EXCEEDS
 THE  OUTSTANDING  MORTGAGE  THEREON;  (2)  THAT  INCLUDES  COVERAGE  FOR
 CONTENTS; OR (3) THAT INCLUDES A  DEDUCTIBLE  LESS  THAN  FIVE  THOUSAND
 DOLLARS.  IN  EACH  INSTANCE  WHERE  A MORTGAGEE REQUIRES A MORTGAGOR TO
 PURCHASE OR PAY FOR FLOOD INSURANCE  ON  SUCH  PROPERTY,  THE  MORTGAGEE
 SHALL PROVIDE NOTICE TO THE MORTGAGOR OF THE NEED TO PURCHASE OR PAY FOR
 FLOOD  INSURANCE  THAT  STATES  THE  FOLLOWING  IN CLEAR AND CONSPICUOUS
 PRINT: 'PLEASE NOTE THAT THE FLOOD INSURANCE WE  ARE  REQUIRING  YOU  TO
 PURCHASE WILL ONLY PROTECT YOUR CREDITOR/LENDER'S INTEREST IN YOUR PROP-
 ERTY.  IT  MAY  NOT BE SUFFICIENT TO PAY FOR MANY NEEDED REPAIRS AFTER A
 FLOOD AND MAY NOT COMPENSATE YOU FOR YOUR LOSSES IN THE PROPERTY DUE  TO
 THE  FLOOD. IF YOU WISH TO PROTECT YOUR HOME OR INVESTMENT, YOU MAY WISH
 TO PURCHASE MORE FLOOD INSURANCE THAN THE AMOUNT WE ARE REQUIRING YOU TO
 BUY.'
   § 2. This act shall take effect immediately.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06962-01-9

co-Sponsors

2019-A4770A (ACTIVE) - Details

See Senate Version of this Bill:
S4629
Current Committee:
Senate Rules
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in Other Legislative Sessions:
2021-2022: A4424, S4696
2023-2024: A5073, S7125

2019-A4770A (ACTIVE) - Summary

Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding a coverage amount that exceeds the outstanding mortgage thereon, or that includes coverage for contents.

2019-A4770A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4770--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced  by  M.  of A. HUNTER, STECK -- read once and referred to the
   Committee on Judiciary -- committee discharged, bill amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT to amend the real property law, in relation to prohibiting mort-
   gagees from requiring mortgagors of certain real property to  purchase
   flood insurance exceeding certain limits
 
   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
 283 to read as follows:
   §  283.  LIMITS  TO  COMPULSORY  FLOOD  INSURANCE.  NO MORTGAGEE SHALL
 REQUIRE A MORTGAGOR TO WHOM THE MORTGAGEE MAKES, INCREASES, EXTENDS,  OR
 RENEWS  ANY  LOAN OR LINE OF CREDIT SECURED BY IMPROVED REAL PROPERTY TO
 PURCHASE OR PAY FOR FLOOD INSURANCE ON SUCH PROPERTY:  (1) AT A COVERAGE
 AMOUNT THAT EXCEEDS  THE  OUTSTANDING  MORTGAGE  THEREON;  OR  (2)  THAT
 INCLUDES  COVERAGE  FOR  CONTENTS.  IN  EACH  INSTANCE WHERE A MORTGAGEE
 REQUIRES A MORTGAGOR TO PURCHASE OR PAY  FOR  FLOOD  INSURANCE  ON  SUCH
 PROPERTY,  THE  MORTGAGEE  SHALL  PROVIDE NOTICE TO THE MORTGAGOR OF THE
 NEED TO PURCHASE OR PAY FOR FLOOD INSURANCE THAT STATES THE FOLLOWING IN
 CLEAR AND CONSPICUOUS PRINT: 'PLEASE NOTE THAT THE  FLOOD  INSURANCE  WE
 ARE  REQUIRING  YOU TO PURCHASE WILL ONLY PROTECT YOUR CREDITOR/LENDER'S
 INTEREST IN YOUR PROPERTY. IT MAY NOT BE  SUFFICIENT  TO  PAY  FOR  MANY
 NEEDED  REPAIRS AFTER A FLOOD AND MAY NOT COMPENSATE YOU FOR YOUR LOSSES
 IN THE PROPERTY DUE TO THE FLOOD. IF YOU WISH TO PROTECT  YOUR  HOME  OR
 INVESTMENT,  YOU  MAY  WISH  TO  PURCHASE  MORE FLOOD INSURANCE THAN THE
 AMOUNT WE ARE REQUIRING YOU TO BUY.'
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06962-04-9

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