NY A05626 | 2019-2020 | General Assembly

Status

Spectrum: Partisan Bill (Democrat 32-0)
Status: Engrossed on May 15 2019 - 50% progression
Action: 2019-05-15 - REFERRED TO AGING
Pending: Senate Aging Committee
Text: Latest bill text (Introduced) [HTML]

Summary

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.

Tracking Information

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Title

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.

Sponsors


Roll Calls

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]

History

DateChamberAction
2019-05-15SenateREFERRED TO AGING
2019-05-15Assemblydelivered to senate
2019-05-15Assemblypassed assembly
2019-05-09Assemblyadvanced to third reading cal.301
2019-05-07Assemblyreported
2019-04-30Assemblyreported referred to codes
2019-02-14Assemblyreferred to judiciary

Same As/Similar To

S04407 (Same As) 2019-05-15 - 2ND REPORT CAL.

New York State Sources


Bill Comments

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