Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Dec 06, 2019 | tabled vetoed memo.173 |
Nov 26, 2019 | delivered to governor |
Jun 14, 2019 | returned to assembly passed senate 3rd reading cal.1380 substituted for s3221 |
Jun 14, 2019 | substituted by a5625a ordered to third reading cal.1380 committee discharged and committed to rules |
Apr 30, 2019 | reported and committed to finance |
Feb 04, 2019 | referred to judiciary |
senate Bill S3221
Vetoed By Governor2019-2020 Legislative Session
Sponsored By
James Sanders Jr.
(D) 10th Senate District
Archive: Last Bill Status Via A5625 - Vetoed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Vetoed by Governor
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Co-Sponsors
Anna M. Kaplan
(D, IP, WF) 7th Senate District
S3221 (ACTIVE) - Details
S3221 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3221 SPONSOR: SANDERS TITLE OF BILL: An act to amend the real property law, in relation to directing the department of financial services to establish an internet website for federal home equity conversion mortgage product comparison PURPOSE: This bill would create a new website, run by the Department of Financial Services, to compare HUD home equity conversion mortgage information, rates, and features to seniors in order to create a buyer's market for these products and ensure seniors have reliable, updated, and comprehen- sive information about the products. SUMMARY OF PROVISIONS: Section 1: Requires the Department of Financial Services to establish and operate a home equity conversion mortgage comparison website. The
S3221 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3221 2019-2020 Regular Sessions I N S E N A T E February 4, 2019 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the real property law, in relation to directing the department of financial services to establish an internet website for federal home equity conversion mortgage product comparison 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 280-b to read as follows: § 280-B. FEDERAL HOME EQUITY CONVERSION MORTGAGE COMPARISON WEBSITE. 1. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) REVERSE MORTGAGE LOAN. A REVERSE MORTGAGE LOAN AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE, WHICH IS ISSUED IN THE STATE PURSUANT TO THE HOME EQUITY CONVERSION MORTGAGE FOR SENIORS PROGRAM OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. (B) AUTHORIZED LENDER. AN AUTHORIZED LENDER AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE AUTHORIZED TO MAKE REVERSE MORTGAGE LOANS, AS DEFINED IN THIS SECTION. (C) DEPARTMENT. THE DEPARTMENT OF FINANCIAL SERVICES ESTABLISHED PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW. 2. THE DEPARTMENT SHALL ESTABLISH AND OPERATE A HOME EQUITY CONVERSION MORTGAGE COMPARISON WEBSITE. SUCH WEBSITE SHALL PROVIDE INFORMATION TO POTENTIAL CONSUMERS OF REVERSE MORTGAGE LOANS, INCLUDING INFORMATION AND COMPARISONS ON REVERSE MORTGAGE LOAN PRODUCTS SO AS TO ALLOW CONSUMERS TO MAKE EDUCATED CHOICES AS TO WHICH AUTHORIZED LENDERS OFFER THE BEST SERVICES, TERMS AND VALUE BASED ON A VARIETY OF FINANCIAL CIRCUMSTANCES. THE DEPARTMENT SHALL ENSURE THAT THE WEBSITE ALLOWS CONSUMERS TO COMPARE THE COST, RATE AND SERVICE FEATURES OF REVERSE MORTGAGE LOAN PRODUCTS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00900-02-9
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