senate Bill S760

Signed By Governor
2021-2022 Legislative Session

Relates to reverse cooperative apartment unit loans for persons seventy years of age or older

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 01, 2021 approval memo.48
signed chap.643
Nov 19, 2021 delivered to governor
Jun 10, 2021 returned to senate
passed assembly
ordered to third reading rules cal.801
substituted for a1508
Jun 08, 2021 referred to ways and means
delivered to assembly
passed senate
Jun 07, 2021 ordered to third reading cal.1522
committee discharged and committed to rules
Jan 06, 2021 referred to banks

Co-Sponsors

S760 (ACTIVE) - Details

See Assembly Version of this Bill:
A1508
Law Section:
Banking Law
Laws Affected:
Add §6-o, Bank L; amd §9-611, UCC; add R3410, CPLR
Versions Introduced in 2019-2020 Legislative Session:
S7580, A9095

S760 (ACTIVE) - Summary

Relates to authorizing reverse cooperative apartment unit loans for persons sixty-two years of age or older; provides additional consumer protections.

S760 (ACTIVE) - Sponsor Memo

S760 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    760
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by Sens. BIAGGI, HOYLMAN, KRUEGER, PARKER, SEPULVEDA -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Banks
 
 AN  ACT  to  amend  the banking law, the uniform commercial code and the
   civil practice law and  rules,  in  relation  to  reverse  cooperative
   apartment unit loans
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The banking law is amended by adding a new section  6-o  to
 read as follows:
   §  6-O. REVERSE COOPERATIVE APARTMENT UNIT LOANS FOR PERSONS SIXTY-TWO
 YEARS OF AGE OR OLDER. 1. FOR PURPOSES OF THIS  SECTION,  THE  FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  REVERSE  COOPERATIVE APARTMENT UNIT LOAN. A LOAN WHICH IS SECURED
 BY SHARES OR MEMBERSHIP IN A COOPERATIVE APARTMENT THAT IS  OR  INTENDED
 TO BE THE PRIMARY RESIDENCE OF THE BORROWER OR BORROWERS THE PROCEEDS OF
 WHICH  ARE  ADVANCED TO THE BORROWER OR BORROWERS DURING THE TERM OF THE
 LOAN IN EQUAL INSTALLMENTS, OR IN ADVANCES THROUGH A LINE OF  CREDIT  OR
 OTHERWISE,  IN  A  LUMP SUM, OR THROUGH A COMBINATION THEREOF.  INTEREST
 AND FEES WILL ACCRUE DURING THE LIFE OF THE LOAN AND WILL  BE  ADDED  TO
 THE  PRINCIPAL  BALANCE OF THE LOAN, BUT WILL NOT BECOME DUE AND PAYABLE
 UNTIL THE   BORROWER(S)  DIES,  PERMANENTLY  VACATES  THE  APARTMENT  OR
 DEFAULTS ON THE TERMS OF THE LOAN, AND WILL CONTINUE TO ACCRUE UNTIL THE
 LOAN IS PAID IN FULL.
   (B) LOAN PAYOUT OPTIONS:
   (I)  TERM PAYMENT OPTION. UNDER THE TERM PAYMENT OPTION, EQUAL MONTHLY
 PAYMENTS ARE MADE BY THE LENDER TO THE BORROWER  FOR  A  FIXED  TERM  OF
 MONTHS CHOSEN BY THE BORROWER.
   (II)  TENURE  PAYMENT  OPTION.  UNDER THE TENURE PAYMENT OPTION, EQUAL
 MONTHLY PAYMENTS ARE MADE BY THE LENDER TO THE BORROWER, UNTIL THE  LOAN
 IS PREPAID IN FULL OR BECOMES DUE AND PAYABLE.
   (III)  LINE OF CREDIT PAYMENT OPTION. UNDER THE LINE OF CREDIT PAYMENT

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