New York Senate Bill 1541

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2023 - 25% progression
Action: 2024-01-03 - REFERRED TO AGING
Pending: Senate Aging Committee
Text: Latest bill text (Introduced) [HTML]

Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right 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.

Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right 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.

Sen. Leroy Comrie [D]

Date	Chamber	Action
2024-01-03	Senate	REFERRED TO AGING
2023-01-12	Senate	REFERRED TO AGING

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2023/S1541
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S01541&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01541