|
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 20, 2020 |
referred to rules delivered to senate passed assembly |
| Jan 08, 2020 |
ordered to third reading cal.183 |
| May 30, 2019 |
advanced to third reading cal.508 reported |
| Apr 22, 2019 |
print number 4770a |
| Apr 22, 2019 |
amend and recommit to judiciary |
| Feb 05, 2019 |
referred to judiciary |
Assembly Bill A4770A
2019-2020 Legislative Session
Sponsored By
HUNTER
Archive: Last Bill Status - In Senate Committee Rules 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
Actions
Bill Amendments
co-Sponsors
Phil Steck
2019-A4770 - Details
2019-A4770 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4770
2019-2020 Regular Sessions
I N A S S E M B L Y
February 5, 2019
___________
Introduced by M. of A. HUNTER -- read once and referred 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
Phil Steck
Carmen E. Arroyo
Dan Quart
Monica P. Wallace
2019-A4770A (ACTIVE) - Details
2019-A4770A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4770--A
2019-2020 Regular Sessions
I N A S S E M B L Y
February 5, 2019
___________
Introduced by M. of A. HUNTER, STECK -- read once and referred 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.
LBD06962-04-9
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