Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 16, 2021 |
signed chap.48 |
Feb 12, 2021 |
delivered to governor |
Feb 01, 2021 |
returned to senate passed assembly ordered to third reading cal.56 substituted for a1973 |
Feb 01, 2021 |
substituted by s884 |
Jan 21, 2021 |
advanced to third reading cal.56 |
Jan 20, 2021 |
reported |
Jan 13, 2021 |
referred to judiciary |
Assembly Bill A1973
Signed By Governor2021-2022 Legislative Session
Sponsored By
WEINSTEIN
Archive: Last Bill Status Via S884 - Signed by Governor
- 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
Actions
Votes
2021-A1973 (ACTIVE) - Details
- See Senate Version of this Bill:
- S884
- Law Section:
- Real Property Law
- Laws Affected:
- Amd §280-d, RP L (as proposed in S.4408 & A.5627)
2021-A1973 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1973 2021-2022 Regular Sessions I N A S S E M B L Y January 13, 2021 ___________ Introduced by M. of A. WEINSTEIN -- read once and referred to the Committee on Judiciary AN ACT to amend the real property law, in relation to filings concerning reverse mortgage loans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 280-d of the real property law, as added by a chap- ter of the laws of 2020 amending the real property law relating to the regulation of default and foreclosure of reverse mortgages issued under the federal home equity conversion mortgage for seniors program, as proposed in legislative bills numbers S. 4408 and A. 5627, is amended 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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