NY A05627 | 2019-2020 | General Assembly

Status

Spectrum: Partisan Bill (Democrat 31-0)
Status: Introduced on February 14 2019 - 25% progression
Action: 2019-02-14 - referred to judiciary
Pending: Assembly Judiciary Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.

Tracking Information

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Title

Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.

Sponsors


History

DateChamberAction
2019-02-14Assemblyreferred to judiciary

Same As/Similar To

S04408 (Same As) 2019-03-11 - REFERRED TO AGING

New York State Sources


Bill Comments

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