Senate Bill S1246

2019-2020 Legislative Session

Relates to enacting additional conditions on authorized lenders of reverse mortgages

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Aging Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2019-S1246 (ACTIVE) - Details

See Assembly Version of this Bill:
A6883
Current Committee:
Senate Aging
Law Section:
Real Property Law
Laws Affected:
Amd §§280 & 280-a, RP L
Versions Introduced in Other Legislative Sessions:
2017-2018: S2758, A7589
2021-2022: S2944

2019-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.

2019-S1246 (ACTIVE) - Sponsor Memo

2019-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.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.