New York Assembly Bill 5626 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 32-0)
Status: Passed on December 6 2019 - 100% progression
Action: 2019-12-06 - approval memo.27
Text: Latest bill text (Introduced) [HTML]

Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted; prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.

Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted; prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.

Asm. Helene Weinstein [D]	Asm. Walter Mosley [D]	Asm. Peter Abbate [D]	Asm. William Colton [D]
Asm. Steven Cymbrowitz [D]	Asm. Sandra Galef [D]	Asm. Kenneth Zebrowski [D]	Asm. Latoya Joyner [D]
Asm. Felix Ortiz [D]	Asm. Deborah Glick [D]	Asm. Jeffrey Dinowitz [D]	Asm. Robert Carroll [D]
Asm. Anthony D'Urso [D]	Asm. Phillip Steck [D]	Asm. Alicia Hyndman [D]	Asm. Diane Richardson [D]
Asm. Jeffrion Aubry [D]	Asm. Rebecca Seawright [D]	Asm. Thomas Abinanti [D]	Asm. Monica Wallace [D]
Asm. Kevin Cahill [D]	Asm. Donna Lupardo [D]	Asm. Patrick Burke [D]	Asm. Alfred Taylor [D]
Asm. Catalina Cruz [D]	Asm. Richard Gottfried [D]	Asm. Vivian Cook [D]	Asm. Steven Englebright [D]
Asm. Judy Griffin [D]	Asm. Catherine Nolan [D]	Asm. Jo Simon [D]	Asm. Fred Thiele [D]

2019-05-21 - Senate - Senate Floor Vote - Final Passage (Y: 59 N: 2 NV: 0 Abs: 1) [PASS]
2019-05-15 - Assembly - Assembly Floor Vote - Final Passage (Y: 141 N: 0 NV: 0 Abs: 9) [PASS]
2019-05-07 - Assembly - Assembly Codes Committee: Favorable (Y: 20 N: 0 NV: 0 Abs: 2) [PASS]
2019-04-30 - Assembly - Assembly Judiciary Committee: Favorable refer to committee Codes (Y: 18 N: 1 NV: 0 Abs: 2) [PASS]

Date	Chamber	Action
2019-12-06	Senate	approval memo.27
2019-12-06	Senate	signed chap.581
2019-11-26	Assembly	delivered to governor
2019-05-21	Senate	RETURNED TO ASSEMBLY
2019-05-21	Senate	PASSED SENATE
2019-05-21	Senate	3RD READING CAL.741
2019-05-21	Senate	SUBSTITUTED FOR S4407
2019-05-15	Senate	REFERRED TO AGING
2019-05-15	Assembly	delivered to senate
2019-05-15	Assembly	passed assembly
2019-05-09	Assembly	advanced to third reading cal.301
2019-05-07	Assembly	reported
2019-04-30	Assembly	reported referred to codes
2019-02-14	Assembly	referred to judiciary

S04407 (Same As) 2019-12-06 - approval memo.27

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2019/A5626
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=A05626&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05626
Roll Call	https://assembly.state.ny.us/leg/?default_fld=&bn=A05626&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#AC1
Roll Call	https://assembly.state.ny.us/leg/?default_fld=&bn=A05626&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#AC2
Roll Call	https://assembly.state.ny.us/leg/?default_fld=&bn=A05626&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#AF1
Roll Call	https://www.nysenate.gov/legislation/bills/2019/A5626#SF1