|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 11, 2019||referred to aging|
senate Bill S1246
Current Bill Status - In Senate Committee Aging Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1246 (ACTIVE) - Details
S1246 (ACTIVE) - Summary
Adds new conditions on authorized lenders of reverse mortgages including: delivery of a plain language notice, providing the borrower with a reverse mortgage worksheet guide and counseling, and a lapse of seven days between the reverse mortgage counseling and acceptance of the borrower's final application.
S1246 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1246 SPONSOR: SERINO TITLE OF BILL: An act to amend the real property law, in relation to conditions on lenders who extend reverse mortgages to persons over sixty and seventy years old PURPOSE: To enhance protections for persons over sixty and seventy years old who are considering entering into contracts for reverse mortgages. SUMMARY OF PROVISIONS: Section 1: Amends paragraphs (g), (h) and (i) of subdivision 2 of section 280 of the Real Property Law to require statements be prepared in plain language for persons sixty years of age or older by the Depart- ment of Financial Services, who may consult with the Office for the Aging, on the advisability and availability of counseling and informa-
S1246 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1246 2019-2020 Regular Sessions I N S E N A T E January 11, 2019 ___________ Introduced by Sen. SERINO -- 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 conditions on lenders who extend reverse mortgages to persons over sixty and seventy years old THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (g), (h) and (i) of subdivision 2 of section 280 of the real property law, as added by chapter 613 of the laws of 1993, paragraph (i) as further amended by section 104 of part A of chapter 62 of the laws of 2011, are amended to read as follows: (g) an authorized lender must deliver to the applicant, upon applica- tion[, if available,] a PLAIN LANGUAGE statement prepared by the [local or county] DEPARTMENT OF FINANCIAL SERVICES WHO MAY CONSULT WITH THE NEW YORK STATE office for the aging, WHERE APPROPRIATE, on the advisability and availability of independent counseling and information services. IN ADDITION TO THE PLAIN LANGUAGE NOTICE, NO REVERSE MORTGAGE LOAN APPLICA- TION SHALL BE TAKEN BY A LENDER UNLESS THE LENDER PROVIDES THE PROSPEC- TIVE BORROWER, PRIOR TO HIS OR HER MEETING WITH A COUNSELING AGENCY ON REVERSE MORTGAGES, WITH A REVERSE MORTGAGE WORKSHEET GUIDE TO BE PREPARED BY THE DEPARTMENT OF FINANCIAL SERVICES WHO MAY CONSULT WITH THE NEW YORK STATE OFFICE FOR THE AGING WHERE APPROPRIATE. Further, no reverse mortgage commitment shall be issued by an authorized lender until the applicant presents, in writing, a statement that the terms of the reverse mortgage loan have been explained by an attorney, a housing and urban development certified counselor or any other counseling service as indicated on the statement supplied by the [county or local office for the aging] DEPARTMENT OF FINANCIAL SERVICES or a signed affi- davit indicating that the applicant, although made aware of the impor- tance of counseling and its local availability through the provision of such information by the authorized lender, chooses not to utilize any of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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