Bill Text: NY A05625 | 2019-2020 | General Assembly | Introduced

Bill Title: Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.

Spectrum: Partisan Bill (Democrat 27-0)

Status: (Introduced) 2019-03-05 - reported referred to ways and means [A05625 Detail]

Download: New_York-2019-A05625-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 14, 2019
        Introduced  by  M.  of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ,
          -- Multi-Sponsored by -- M. of A.  COOK,  ENGLEBRIGHT,  NOLAN,  SIMON,
          THIELE -- read once and referred to the Committee on Judiciary
        AN  ACT  to  amend  the  real property law, in relation to directing the
          department of financial services to establish an internet website  for
          federal home equity conversion mortgage product comparison
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The real property law is amended by adding  a  new  section
     2  280-c to read as follows:
     3    §  280-c.  Federal home equity conversion mortgage comparison website.
     4  1. For the purposes of this section, the following terms shall have  the
     5  following meanings:
     6    (a)  Reverse  mortgage  loan.  A  reverse  mortgage loan as defined in
     7  section two hundred eighty of this article, which is issued in the state
     8  pursuant to the home equity  conversion  mortgage  for  seniors  program
     9  operated by the federal Department of Housing and Urban Development.
    10    (b)  Authorized lender. An authorized lender as defined in section two
    11  hundred eighty of this  article  authorized  to  make  reverse  mortgage
    12  loans, as defined in this section.
    13    (c)  Department.  The  department  of  financial  services established
    14  pursuant to section one hundred two of the financial services law.
    15    2. The department shall establish and operate a home equity conversion
    16  mortgage comparison website. Such website shall provide  information  to
    17  potential consumers of reverse mortgage loans, including information and
    18  comparisons  on  reverse mortgage loan products so as to allow consumers
    19  to make educated choices as to which authorized lenders offer  the  best
    20  services, terms and value based on a variety of financial circumstances.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 5625                             2
     1  The department shall ensure that the website allows consumers to compare
     2  the cost, rate and service features of reverse mortgage loan products.
     3    3. An authorized lender may submit information on its reverse mortgage
     4  loan  products  to  the department for inclusion on the internet website
     5  established pursuant to this section, if:
     6    (a) the authorized lender submits complete reverse mortgage loan pric-
     7  es to the department;
     8    (b) the authorized lender submits all factors relating to the  reverse
     9  mortgage loans affecting future rate adjustments which may impact future
    10  debt, borrower equity or lines of credit;
    11    (c)  the  prices  and  costs  provided to the department are as low or
    12  lower than those offered under any other circumstances for a  particular
    13  product; and
    14    (d)  the authorized lender submits such fee, as shall be determined by
    15  the department, for the publication of information on the website.
    16    § 2. This act shall take effect on the one hundred eightieth day after
    17  it shall have become a law; provided, however, that effective immediate-
    18  ly, any actions necessary for the implementation of  the  provisions  of
    19  this  act  on  its  effective  date  are  authorized  and directed to be
    20  completed on or before such effective date.