assembly Bill A5627

Signed By Governor
2019-2020 Legislative Session

Requires lenders foreclosing upon home equity conversion reverse mortgages to provide notice to the department of financial services and the mortgagors

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Sponsored By

Archive: Last Bill Status Via S4408 - Signed by Governor


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

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 15, 2020 approval memo.43
signed chap.337
Dec 03, 2020 delivered to governor
Jul 22, 2020 returned to senate
passed assembly
Jul 21, 2020 ordered to third reading rules cal.230
substituted for a5627
Jul 21, 2020 substituted by s4408
rules report cal.230
reported
Jul 17, 2020 reported referred to rules
Jul 14, 2020 reported referred to codes
Jan 08, 2020 referred to judiciary
Feb 14, 2019 referred to judiciary

Votes

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Jan 22, 2020 - Aging committee Vote

S4408
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jan 22, 2020

aye wr (1)

May 14, 2019 - Aging committee Vote

S4408
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 14, 2019

aye wr (1)

Co-Sponsors

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Multi-Sponsors

A5627 (ACTIVE) - Details

See Senate Version of this Bill:
S4408
Law Section:
Real Property Law
Laws Affected:
Add §280-d, RP L
Versions Introduced in 2017-2018 Legislative Session:
A5821

A5627 (ACTIVE) - Summary

Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.

A5627 (ACTIVE) - Bill Text download pdf


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

                                  5627

                       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, COLTON,
  CYMBROWITZ, GALEF, ZEBROWSKI, JOYNER, ORTIZ, GLICK, DINOWITZ, CARROLL,
  D'URSO, STECK, HYNDMAN, VANEL, RICHARDSON, AUBRY,  WEPRIN,  SEAWRIGHT,
  ABINANTI,  WALLACE,  CAHILL, 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 the regulation of
  default and foreclosure 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-d to read as follows:
  §  280-D. FEDERAL HOME EQUITY CONVERSION MORTGAGE DEFAULT AND FORECLO-
SURE REGULATION. 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  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) DEPARTMENT.  THE  DEPARTMENT  OF  FINANCIAL  SERVICES  ESTABLISHED
PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW.
  2.  IN  THE  EVENT OF A DEFAULT OR FORECLOSURE UPON A REVERSE MORTGAGE
LOAN, THE AUTHORIZED LENDER, UPON THE COMMENCEMENT  OF  THE  FORECLOSURE
PROCEEDING,  SHALL  TRANSMIT  TO  THE  DEPARTMENT PROOF THAT THE FEDERAL
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT HAS GRANTED  PRIOR  APPROVAL
TO ACCELERATE THE LOAN, PROOF OF THE DEFAULT NOTICE TO THE MORTGAGOR AND

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