Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 16, 2024 |
referred to judiciary delivered to senate passed assembly |
Apr 03, 2024 |
amended on third reading 5073a |
Jan 03, 2024 |
ordered to third reading cal.142 returned to assembly died in senate |
Mar 28, 2023 |
referred to judiciary delivered to senate passed assembly |
Mar 23, 2023 |
advanced to third reading cal.93 |
Mar 21, 2023 |
reported |
Mar 02, 2023 |
referred to judiciary |
Assembly Bill A5073A
2023-2024 Legislative Session
Sponsored By
HUNTER
Current Bill Status - In Senate Committee Judiciary Committee
- 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
Bill Amendments
co-Sponsors
Phil Steck
Monica P. Wallace
Marianne Buttenschon
Stephen Hawley
2023-A5073 - Details
2023-A5073 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5073 2023-2024 Regular Sessions I N A S S E M B L Y March 2, 2023 ___________ Introduced by M. of A. HUNTER, STECK, WALLACE, BUTTENSCHON, HAWLEY -- read once and referred to the Committee on Judiciary AN ACT to amend the real property law, in relation to prohibiting mort- gagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits 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 283 to read as follows: § 283. LIMITS TO COMPULSORY FLOOD INSURANCE. NO MORTGAGEE SHALL REQUIRE A MORTGAGOR TO WHOM THE MORTGAGEE MAKES, INCREASES, EXTENDS, OR RENEWS ANY LOAN OR LINE OF CREDIT SECURED BY IMPROVED REAL PROPERTY TO PURCHASE OR PAY FOR FLOOD INSURANCE ON SUCH PROPERTY: (1) AT A COVERAGE AMOUNT THAT EXCEEDS THE OUTSTANDING MORTGAGE THEREON; OR (2) THAT INCLUDES COVERAGE FOR CONTENTS. IN EACH INSTANCE WHERE A MORTGAGEE REQUIRES A MORTGAGOR TO PURCHASE OR PAY FOR FLOOD INSURANCE ON SUCH PROPERTY, THE MORTGAGEE SHALL PROVIDE NOTICE TO THE MORTGAGOR OF THE NEED TO PURCHASE OR PAY FOR FLOOD INSURANCE THAT STATES THE FOLLOWING IN CLEAR AND CONSPICUOUS PRINT: 'PLEASE NOTE THAT THE FLOOD INSURANCE WE ARE REQUIRING YOU TO PURCHASE WILL ONLY PROTECT YOUR CREDITOR/LENDER'S INTEREST IN YOUR PROPERTY. IT MAY NOT BE SUFFICIENT TO PAY FOR MANY NEEDED REPAIRS AFTER A FLOOD AND MAY NOT COMPENSATE YOU FOR YOUR LOSSES IN THE PROPERTY DUE TO THE FLOOD. IF YOU WISH TO PROTECT YOUR HOME OR INVESTMENT, YOU MAY WISH TO PURCHASE MORE FLOOD INSURANCE THAN THE AMOUNT WE ARE REQUIRING YOU TO BUY.' § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07415-01-3
co-Sponsors
Phil Steck
Monica P. Wallace
Marianne Buttenschon
Stephen Hawley
2023-A5073A (ACTIVE) - Details
2023-A5073A (ACTIVE) - Summary
Prohibits mortgagees from requiring mortgagors of certain residential real property to purchase flood insurance exceeding a coverage amount that exceeds the balance as of the beginning of the year for which the policy shall be in effect, or that includes coverage for contents.
2023-A5073A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5073--A Cal. No. 142 2023-2024 Regular Sessions I N A S S E M B L Y March 2, 2023 ___________ Introduced by M. of A. HUNTER, STECK, WALLACE, BUTTENSCHON, HAWLEY, ZEBROWSKI, McDONALD -- read once and referred to the Committee on Judiciary -- ordered to a third reading, amended and ordered reprinted, retaining its place on the order of third reading AN ACT to amend the real property law, in relation to prohibiting mort- gagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits 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 283 to read as follows: § 283. LIMITS ON AMOUNT OF FLOOD INSURANCE REQUIRED BY MORTGAGEE. NO MORTGAGEE SHALL REQUIRE A MORTGAGOR TO WHOM THE MORTGAGEE MAKES, INCREASES, EXTENDS, OR RENEWS ANY LOAN OR LINE OF CREDIT SECURED BY IMPROVED RESIDENTIAL REAL PROPERTY TO PURCHASE OR PAY FOR FLOOD INSUR- ANCE ON SUCH RESIDENTIAL REAL PROPERTY: (1) AT A COVERAGE AMOUNT THAT EXCEEDS THE OUTSTANDING PRINCIPAL MORTGAGE BALANCE AS OF THE BEGINNING OF THE YEAR FOR WHICH THE POLICY SHALL BE IN EFFECT; OR (2) THAT INCLUDES COVERAGE FOR CONTENTS. IN EACH INSTANCE WHERE A MORTGAGEE REQUIRES A MORTGAGOR TO PURCHASE OR PAY FOR FLOOD INSURANCE ON SUCH RESIDENTIAL REAL PROPERTY, THE MORTGAGEE SHALL PROVIDE NOTICE TO THE MORTGAGOR AT THE TIME THE MORTGAGEE IS NOTIFIED OF THE NEED TO PURCHASE OR PAY FOR FLOOD INSURANCE THAT STATES THE FOLLOWING IN CLEAR AND CONSPICUOUS PRINT: 'PLEASE NOTE THAT THE FLOOD INSURANCE WE ARE REQUIR- ING YOU TO PURCHASE WILL ONLY PROTECT YOUR CREDITOR OR LENDER'S INTEREST IN YOUR PROPERTY. THE INSURANCE MAY NOT BE SUFFICIENT TO PAY FOR MANY NEEDED REPAIRS AFTER A FLOOD AND MAY NOT COMPENSATE YOU FOR YOUR LOSSES IN THE PROPERTY DUE TO THE FLOOD. IF YOU WISH TO PROTECT YOUR HOME OR INVESTMENT, YOU MAY WISH TO PURCHASE MORE FLOOD INSURANCE THAN THE AMOUNT WE ARE REQUIRING YOU TO BUY.' § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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