|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 21, 2019||referred to judiciary|
delivered to assembly
|May 20, 2019||advanced to third reading|
|May 15, 2019||2nd report cal.|
|May 14, 2019||1st report cal.742|
|Mar 11, 2019||referred to aging|
senate Bill S4408
Current Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4408 (ACTIVE) - Details
S4408 (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.
S4408 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4408 SPONSOR: GOUNARDES TITLE OF BILL: 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 PURPOSE OF BILL: This bill will regulate certain activities of lenders when defaults take place on reverse mortgages issued in New York State under HUD's home equity conversion mortgage for seniors program. SUMMARY OF PROVISIONS OF BILL: Section 1: Lenders must now notify the Department of Financial Services when engaging in foreclosure proceedings against a borrower, and must also provide proof to the department that HUD has granted prior approval to accelerate the loan, proof of the default and notice to the borrower, and any other information required by the department. The Department of Financial Services must then provide no tice of the foreclosure directly
S4408 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4408 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 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 ANY SUCH INFORMATION RELATING TO THE LOANS AND THE MORTGAGOR AS THE DEPARTMENT SHALL DETERMINE TO BE NECESSARY. UPON RECEIPT OF SUCH INFOR- MATION, THE DEPARTMENT SHALL PROVIDE NOTICE OF AND INFORMATION RELATING TO THE FORECLOSURE TO THE MORTGAGOR. SUCH NOTICE SHALL INCLUDE A NOTICE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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