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Senate Bill S8066

2025-2026 Legislative Session

Relates to limits on amount of flood insurance required by a mortgagee

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Current Bill Status - In Senate Committee Judiciary Committee

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2025-S8066 (ACTIVE) - Details

See Assembly Version of this Bill:
A8030
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §283, RP L

2025-S8066 (ACTIVE) - Summary

Sets the definition of "principal" for the purposes of limits on amount of flood insurance required by a mortgagee and clarifies applicability of the state law relative to certain federal programs and requirements.

2025-S8066 (ACTIVE) - Sponsor Memo

2025-S8066 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8066
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 15, 2025
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the real property law, in relation to limits  on  amount
   of flood insurance required by a mortgagee
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 283 of the real property law, as amended by chapter
 64 of the laws of 2025, is amended to read as follows:
   § 283. Limits on amount of flood insurance required by mortgagee.   1.
 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  lesser  of the replacement value of the IMPROVEMENT ON THE
 residential real property or 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 THE CASE OF AN OPEN-END
 LINE OF CREDIT, "PRINCIPAL" SHALL INCLUDE THE FULL LINE OF CREDIT AMOUNT
 REGARDLESS OF THE AMOUNT THAT HAS BEEN DRAWN ON THE LINE OF CREDIT.   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 noti-
 fied  of the need to purchase or pay for flood insurance that states the
 following in clear and conspicuous print: 'The flood  insurance  we  are
 requiring  you  to purchase 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 invest-
 ment, you may wish to purchase more flood insurance than the  amount  we
 are requiring you to buy.'
   2.  ANY  ENTITY SUBJECT TO THE REQUIREMENTS OF SUBDIVISION ONE OF THIS
 SECTION AND SUBJECT TO THE NATIONAL FLOOD INSURANCE  ACT  (42  U.S.C.  §
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10859-01-5

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