senate Bill S884

Signed By Governor
2021-2022 Legislative Session

Relates to filings concerning reverse mortgage loans

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
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
Jan 19, 2021 referred to judiciary
delivered to assembly
passed senate
Jan 11, 2021 ordered to third reading cal.37
Jan 06, 2021 referred to rules

S884 (ACTIVE) - Details

See Assembly Version of this Bill:
A1973
Law Section:
Real Property Law
Laws Affected:
Amd §280-d, RP L (as proposed in S.4408 & A.5627)

S884 (ACTIVE) - Summary

Relates to filings concerning reverse mortgage loans.

S884 (ACTIVE) - Sponsor Memo

S884 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    884
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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