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Assembly Bill A9788

2019-2020 Legislative Session

Relates to regulation of reverse mortgage loans issued under the federal home equity conversion mortgage for seniors program

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Archive: Last Bill Status - On Floor Calendar

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2019-A9788 (ACTIVE) - Details

See Senate Version of this Bill:
S7184
Law Section:
Real Property Law
Laws Affected:
Amd §280-b, RP L (as proposed in S.4407 & A.5626)

2019-A9788 (ACTIVE) - Summary

Prohibits the use of the words "government insured" or other similar language in a manner that falsely represents that reverse mortgage loans are insured, supported and sponsored by any governmental entity in any commercial, mailing, advertisement or writing relating thereto.

2019-A9788 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9788
 
                           I N  A S S E M B L Y
 
                             February 11, 2020
                                ___________
 
 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 mortgage loans 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. Paragraph (b) of subdivision 2 of section 280-b of the real
 property law, as added by a chapter of the laws of  2019,  amending  the
 real  property  law  relating  to regulation of reverse mortgages issued
 under the federal home equity conversion mortgage for  seniors  program,
 as proposed in legislative bills numbers S. 4407 and A. 5626, is amended
 to read as follows:
   (b)  use  the  words  "government  insured"  or other similar language
 [representing] IN A MANNER THAT FALSELY REPRESENTS that reverse mortgage
 loans are insured, supported and sponsored by any governmental entity in
 any commercial, mailing, advertisement or writing relating thereto; or
   § 2. This act shall take effect on the  same  date  and  in  the  same
 manner  as a chapter of the laws of 2019, amending the real property law
 relating to regulation of reverse mortgages  issued  under  the  federal
 home  equity  conversion  mortgage  for  seniors program, as proposed in
 legislative bills numbers S. 4407 and A. 5626, takes effect.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00905-02-0

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