NY S02373 | 2019-2020 | General Assembly

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 24 2019 - 25% progression
Action: 2019-02-12 - REPORTED AND COMMITTED TO FINANCE
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [HTML]

Summary

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.

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 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.

Sponsors


Roll Calls

2019-02-12 - Senate - Senate Aging Committee Vote (Y: 6 N: 0 NV: 0 Abs: 1) [PASS]

History

DateChamberAction
2019-02-12SenateREPORTED AND COMMITTED TO FINANCE
2019-01-24SenateREFERRED TO AGING

Same As/Similar To

A05628 (Same As) 2019-03-28 - print number 5628a

New York State Sources


Bill Comments

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