Bill Text: NY A05625 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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: (Vetoed) 2019-12-06 - tabled [A05625 Detail]
Download: New_York-2019-A05625-Introduced.html
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: (Vetoed) 2019-12-06 - tabled [A05625 Detail]
Download: New_York-2019-A05625-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5625 2019-2020 Regular Sessions IN ASSEMBLY February 14, 2019 ___________ Introduced by M. of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ, GALEF, ZEBROWSKI, JOYNER, ORTIZ, GLICK, DINOWITZ, CARROLL, D'URSO, STECK, HYNDMAN, RICHARDSON, SEAWRIGHT, WEPRIN, CAHILL, COLTON, TAYLOR -- 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. LBD00900-01-9A. 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.