senate Bill S3221

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 Via A5625 - 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 (12)
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 14, 2019 substituted by a5625a
ordered to third reading cal.1380
committee discharged and committed to rules
Apr 30, 2019 reported and committed to finance
Feb 04, 2019 referred to judiciary

Votes

view votes

Jun 14, 2019 - Rules committee Vote

S3221
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Apr 30, 2019 - Judiciary committee Vote

S3221
13
1
committee
13
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Judiciary committee vote details

Judiciary Committee Vote: Apr 30, 2019

nay (1)
aye wr (1)

Co-Sponsors

S3221 (ACTIVE) - Details

See Assembly Version of this Bill:
A5625
Law Section:
Real Property Law
Laws Affected:
Add §280-b, RP L
Versions Introduced in 2017-2018 Legislative Session:
S4483, A5819

S3221 (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.

S3221 (ACTIVE) - Sponsor Memo

S3221 (ACTIVE) - Bill Text download pdf


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

                                  3221

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 4, 2019
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed 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-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
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.
THE DEPARTMENT SHALL ENSURE THAT THE WEBSITE ALLOWS CONSUMERS TO COMPARE
THE COST, RATE AND SERVICE FEATURES OF REVERSE MORTGAGE LOAN PRODUCTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00900-02-9

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