assembly Bill A5625A

Vetoed By Governor
2019-2020 Legislative Session

Directs the department of financial services to establish a website for federal home equity conversion mortgage product comparison

download bill text pdf

Sponsored By

Current Bill Status - Vetoed by Governor


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

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Actions

view actions (17)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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 13, 2019 referred to rules
delivered to senate
passed assembly
Jun 11, 2019 ordered to third reading rules cal.134
rules report cal.134
reported
Jun 05, 2019 amend and recommit to rules 5625a
Jun 05, 2019 reported referred to rules
Mar 05, 2019 reported referred to ways and means
Feb 14, 2019 referred to judiciary

Co-Sponsors

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Multi-Sponsors

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A5625 - Details

See Senate Version of this Bill:
S3221
Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in 2017-2018 Legislative Session:
A5819, S4483

A5625 - Summary

Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

A5625 - Bill Text download pdf


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

                                  5625

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            February 14, 2019
                               ___________

Introduced  by  M.  of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ,
  GALEF, ZEBROWSKI, JOYNER, ORTIZ,  GLICK,  DINOWITZ,  CARROLL,  D'URSO,
  STECK,  HYNDMAN, RICHARDSON, SEAWRIGHT, WEPRIN, CAHILL, COLTON, TAYLOR
  -- Multi-Sponsored by -- M. of A.  COOK,  ENGLEBRIGHT,  NOLAN,  SIMON,
  THIELE -- read once and referred 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-c to read as follows:
  §  280-C.  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00900-01-9

Co-Sponsors

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Multi-Sponsors

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A5625A (ACTIVE) - Details

See Senate Version of this Bill:
S3221
Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in 2017-2018 Legislative Session:
A5819, S4483

A5625A (ACTIVE) - Summary

Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

A5625A (ACTIVE) - Bill Text download pdf


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

                                 5625--A

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            February 14, 2019
                               ___________

Introduced  by  M.  of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ,
  GALEF, ZEBROWSKI, JOYNER, ORTIZ,  GLICK,  DINOWITZ,  CARROLL,  D'URSO,
  STECK,  HYNDMAN, RICHARDSON, SEAWRIGHT, WEPRIN, CAHILL, COLTON, TAYLOR
  -- Multi-Sponsored by -- M. of A. COOK, ENGLEBRIGHT,  GRIFFIN,  NOLAN,
  SIMON,  THIELE -- read once and referred to the Committee on Judiciary
  -- reported and referred  to  the  Committee  on  Ways  and  Means  --
  reported  and  referred  to  the Committee on Rules -- Rules Committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to the Committee on Rules

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.