Senate Bill S2373

2019-2020 Legislative Session

Provides for the establishment of the New York state home equity conversion information summary

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Aging 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-S2373 (ACTIVE) - Details

See Assembly Version of this Bill:
A5628
Current Committee:
Senate Aging
Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in Other Legislative Sessions:
2017-2018: S4494, A5822
2021-2022: S3793
2023-2024: S1541

2019-S2373 (ACTIVE) - Summary

Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.

2019-S2373 (ACTIVE) - Sponsor Memo

2019-S2373 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2373
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced by Sens. CARLUCCI, SEPULVEDA -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Aging
 
 AN  ACT  to amend the real property law, in relation to the provision of
   certain information to mortgagors 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 INFORMATION SUMMARY
 SHEET. 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) MORTGAGOR. A MORTGAGOR AS DEFINED IN SECTION TWO HUNDRED EIGHTY OF
 THIS ARTICLE.
   (D) DEPARTMENT.  THE  DEPARTMENT  OF  FINANCIAL  SERVICES  ESTABLISHED
 PURSUANT TO SECTION ONE HUNDRED TWO OF THE FINANCIAL SERVICES LAW.
   2.  THE  DEPARTMENT SHALL ESTABLISH AND DISTRIBUTE TO AUTHORIZED LEND-
 ERS, AND PERIODICALLY UPDATE, A NEW YORK STATE  HOME  EQUITY  CONVERSION
 INFORMATION SUMMARY. SUCH SUMMARY SHALL INCLUDE, BUT NOT BE LIMITED TO:
   (A)  NOTICE THAT REVERSE MORTGAGE LOANS ARE NOT FREE OR COST FREE, AND
 SUCH LOANS HAVE ASSOCIATED COSTS THAT  ARE  INCLUDED  IN  THE  FINANCING
 THEREOF;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00916-02-9
              

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