New York Senate Bill 2559

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on January 21 2025 - 25% progression
Action: 2026-01-07 - 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
2026-01-07	Senate	REFERRED TO AGING
2025-01-21	Senate	REFERRED TO AGING

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2025/S2559
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S02559&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S02559