|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 21, 2019||returned to assembly|
3rd reading cal.741
substituted for s4407
|May 21, 2019||substituted by a5626|
|May 20, 2019||advanced to third reading|
|May 15, 2019||2nd report cal.|
|May 14, 2019||1st report cal.741|
|Mar 11, 2019||referred to aging|
senate Bill S4407
Current Bill Status Via A5626 - Passed Senate & Assembly
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4407 (ACTIVE) - Details
S4407 (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… (view more) prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.
S4407 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4407 SPONSOR: GOUNARDES TITLE OF BILL: 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 PURPOSE OF BILL: This bill places new regulations on reverse mortgage products pertaining to the marketing, origination, and management of these produ cts issued in New York State under the federal home equity conversion mortgage program for seniors. SUMMARY OF PROVISIONS OF BILL: Section 1: Prevents any party from marketing reverse mortgage products as a public service, a government-sponsored program, or anything other than a commercial product. Further, a lender will not be permitted to engage in any unfair or deceptive practices in connection with the marketing or offering of reverse mortgage loans. Lenders or their agents
S4407 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4407 2019-2020 Regular Sessions I N S E N A T E March 11, 2019 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Aging 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: (A) USE THE WORDS "PUBLIC SERVICE ANNOUNCEMENT" IN ANY COMMERCIAL, MAILING, ADVERTISEMENT OR WRITING RELATING THERETO; OR (B) USE THE WORDS "GOVERNMENT INSURED" OR OTHER SIMILAR LANGUAGE REPRESENTING THAT REVERSE MORTGAGE LOANS ARE INSURED, SUPPORTED AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.