Senate Bill S7184

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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2019-S7184 (ACTIVE) - Details

See Assembly Version of this Bill:
A9788
Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §280-b, RP L (as proposed in S.4407 & A.5626)

2019-S7184 (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-S7184 (ACTIVE) - Sponsor Memo

2019-S7184 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7184
 
                             I N  S E N A T E
 
                             January 10, 2020
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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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