senate Bill S4629A

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A4770 - Passed Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (20)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 28, 2020 recommitted to rules
vote reconsidered - restored to third reading
substitution reconsidered
Jul 21, 2020 3rd reading cal.146
substituted for s4629a
Jul 21, 2020 substituted by a4770a
Jan 21, 2020 advanced to third reading
Jan 15, 2020 2nd report cal.
Jan 14, 2020 1st report cal.146
Jan 08, 2020 referred to judiciary
returned to senate
died in assembly
Jun 19, 2019 referred to judiciary
delivered to assembly
passed senate
ordered to third reading cal.1769
committee discharged and committed to rules
May 03, 2019 print number 4629a
May 03, 2019 amend and recommit to judiciary
Mar 18, 2019 referred to judiciary

Votes

view votes

Jan 14, 2020 - Judiciary committee Vote

S4629A
15
0
committee
15
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Judiciary committee vote details

Jun 19, 2019 - Rules committee Vote

S4629A
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S4629 - Details

See Assembly Version of this Bill:
A4770
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in 2021-2022 Legislative Session:
S4696, A4424

S4629 - 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.

S4629 - Sponsor Memo

S4629 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4629

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 18, 2019
                               ___________

Introduced  by  Sen. BRESLIN -- 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 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

S4629A (ACTIVE) - Details

See Assembly Version of this Bill:
A4770
Law Section:
Real Property Law
Laws Affected:
Add §283, RP L
Versions Introduced in 2021-2022 Legislative Session:
S4696, A4424

S4629A (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.

S4629A (ACTIVE) - Sponsor Memo

S4629A (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4629--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 18, 2019
                               ___________

Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
  printed to be committed 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.
                                                           LBD06962-05-9

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