Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 06, 2019 |
approval memo.27 signed chap.581 |
Nov 26, 2019 |
delivered to governor |
May 21, 2019 |
returned to assembly passed senate 3rd reading cal.741 substituted for s4407 |
May 15, 2019 |
referred to aging delivered to senate passed assembly |
May 09, 2019 |
advanced to third reading cal.301 |
May 07, 2019 |
reported |
Apr 30, 2019 |
reported referred to codes |
Feb 14, 2019 |
referred to judiciary |
Assembly Bill A5626
Signed By Governor2019-2020 Legislative Session
Sponsored By
WEINSTEIN
Archive: Last Bill Status - Signed by Governor
- 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
Votes
co-Sponsors
Walter T. Mosley
Peter Abbate
William Colton
Steven Cymbrowitz
multi-Sponsors
Vivian Cook
Steven Englebright
Judy Griffin
Catherine Nolan
2019-A5626 (ACTIVE) - Details
2019-A5626 (ACTIVE) - Summary
Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted
2019-A5626 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5626 2019-2020 Regular Sessions I N A S S E M B L Y February 14, 2019 ___________ Introduced by M. of A. WEINSTEIN, MOSLEY, ABBATE, COLTON, CYMBROWITZ, GALEF, ZEBROWSKI, JOYNER, ORTIZ, GLICK, DINOWITZ, CARROLL, D'URSO, STECK, HYNDMAN, RICHARDSON, AUBRY, SEAWRIGHT, ABINANTI, WALLACE, CAHILL, LUPARDO, BURKE, 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 regulation of reverse mortgages 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. The real property law is amended by adding a new section 280-b to read as follows: § 280-B. FEDERAL HOME EQUITY CONVERSION MORTGAGE REGULATION. 1. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW- ING MEANINGS: (A) REVERSE MORTGAGE LOAN. A REVERSE MORTGAGE LOAN AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF THIS ARTICLE, WHICH IS ISSUED IN THIS STATE PURSUANT TO THE HOME EQUITY CONVERSION MORTGAGE FOR SENIORS PROGRAM OPERATED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOP- MENT. (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) SUPERINTENDENT. THE SUPERINTENDENT OF FINANCIAL SERVICES ESTAB- LISHED PURSUANT TO SECTION TWO HUNDRED TWO OF THE FINANCIAL SERVICES LAW. 2. NO AUTHORIZED LENDER OR ANY OTHER PARTY OR ENTITY SHALL IN ANY MANNER, IN THE MARKETING OR OFFERING OF REVERSE MORTGAGE LOANS, ENGAGE IN ANY UNFAIR OR DECEPTIVE PRACTICES IN CONNECTION WITH THE MARKETING OR OFFERING OF REVERSE MORTGAGE LOANS, AND, ADDITIONALLY, SHALL NOT: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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