senate Bill S7724

Signed By Governor
2021-2022 Legislative Session

Relates to reverse cooperative apartment unit loans for persons sixty-two 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 (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 24, 2022 signed chap.9
delivered to governor
Jan 20, 2022 returned to senate
passed assembly
ordered to third reading rules cal.45
substituted for a8782
Jan 19, 2022 referred to banks
delivered to assembly
passed senate
Jan 10, 2022 ordered to third reading cal.52
Jan 07, 2022 referred to rules

Votes

view votes

Jan 18, 2022 - Rules committee Vote

S7724
18
0
committee
18
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Jan 10, 2022 - Rules committee Vote

S7724
18
0
committee
18
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S7724 (ACTIVE) - Details

See Assembly Version of this Bill:
A8782
Law Section:
Banking Law
Laws Affected:
Amd §6-o, Bank L; amd §9-611, UCC; amd R3410, CPLR (as proposed in S.760 & A.1508)

S7724 (ACTIVE) - Summary

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

S7724 (ACTIVE) - Sponsor Memo

S7724 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7724
 
                             I N  S E N A T E
 
                              January 7, 2022
                                ___________
 
 Introduced  by  Sen.  BIAGGI -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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.  Subdivision 2 of section 6-o of the banking law, as added
 by a chapter of the laws of 2021 amending the banking law,  the  uniform
 commercial code and the civil practice law and rules relating to reverse
 cooperative  apartment  unit  loans,  as  proposed  in legislative bills
 numbers A. 1508 and S. 760, is amended to read as follows:
   2. A cooperative apartment unit loan pursuant to this section shall be
 subject to the following:
   (a) the borrower shall be granted lifetime possession of  the  subject
 premises  of the cooperative apartment unit FOR which [is] the SHARES OR
 MEMBERSHIP ARE THE security for the reverse cooperative  apartment  unit
 loan,  as  long  as  such  apartment unit remains the borrowers' primary
 residence and the borrower is not in default under the  reverse  cooper-
 ative  apartment unit loan. The borrower or borrowers must certify annu-
 ally on each anniversary of the loan, that they reside in the  unit  and
 that it is their primary residence;
   (b) [the lender shall ask the borrower if they designate a third party
 contact,  collect  such  information  from  the borrower and update such
 information annually on each anniversary of the loan] ANNUALLY THE LEND-
 ER SHALL ADVISE THE BORROWER OR BORROWERS OF THE NAME AND CONTACT INFOR-
 MATION, IF ANY, ON FILE FOR A THIRD-PARTY CONTACT DESIGNATED PURSUANT TO
 PARAGRAPH (G) OF SUBDIVISION ONE OF THIS SECTION AND ASK IF THE BORROWER
 OR BORROWERS WANT TO UPDATE OR CHANGE THE INFORMATION FOR THE THIRD-PAR-
 TY CONTRACT;
   (c) subject to such rules or regulations  as  the  superintendent  may
 adopt, a reverse cooperative apartment unit loan shall be made at either
 a fixed or variable rate of interest;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02964-02-2

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