NY A05628 | 2019-2020 | General Assembly

Status

Spectrum: Partisan Bill (Democrat 29-0)
Status: Introduced on February 14 2019 - 25% progression
Action: 2019-03-28 - print number 5628a
Pending: Assembly Judiciary Committee
Text: Latest bill text (Amended) [HTML]

Summary

Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's rights and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.

Tracking Information

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Title

Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's rights and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.

Sponsors


History

DateChamberAction
2019-03-28Assemblyprint number 5628a
2019-03-28Assemblyamend and recommit to judiciary
2019-02-14Assemblyreferred to judiciary

Same As/Similar To

S02373 (Same As) 2019-02-12 - REPORTED AND COMMITTED TO FINANCE

New York State Sources


Bill Comments

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