Bill Text: NY S01992 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Makes certain changes applicable to the foreclosure of reverse mortgages, made by chapter 55 of the laws of 2017, take effect immediately and continue past the expiration of certain provisions of law.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-26 - PRINT NUMBER 1992A [S01992 Detail]

Download: New_York-2017-S01992-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1992
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 11, 2017
                                       ___________
        Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development
        AN  ACT  to  amend  the  real  property  actions and proceedings law, in
          relation to required prior notices
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. Paragraph (a) of subdivision 6 of section 1304 of the real
     2  property actions and proceedings law, as amended by section 6 of part  Q
     3  of chapter 73 of the laws of 2016, is amended to read as follows:
     4    (a)  "Home  loan"  means  a  loan,  including an open-end credit plan,
     5  [other than a reverse mortgage transaction,] in which:
     6    (i) The borrower is a natural person;
     7    (ii) The debt is incurred by  the  borrower  primarily  for  personal,
     8  family, or household purposes;
     9    (iii)  The  loan  is  secured  by  a mortgage or deed of trust on real
    10  estate improved by a one to four family dwelling, or a condominium unit,
    11  in either case, used or occupied, or intended to  be  used  or  occupied
    12  wholly  or  partly,  as the home or residence of one or more persons and
    13  which is or will be occupied by the borrower as the borrower's principal
    14  dwelling; and
    15    (iv) The property is located in this state.
    16    § 2. Paragraph (b) of subdivision 6 of section 1304 of the real  prop-
    17  erty  actions  and proceedings law, as amended by section 7 of part Q of
    18  chapter 73 of the laws of 2016, is amended to read as follows:
    19    (b) "Home loan" means a home loan, including an open-end credit  plan,
    20  [other than a reverse mortgage transaction,] in which:
    21    (i) The principal amount of the loan at origination did not exceed the
    22  conforming  loan  size  that was in existence at the time of origination
    23  for a comparable dwelling as established by the federal  national  mort-
    24  gage association;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00004-02-7
        S. 1992                             2
     1    (ii) The borrower is a natural person;
     2    (iii)  The  debt  is  incurred by the borrower primarily for personal,
     3  family, or household purposes;
     4    (iv) The loan is secured by a mortgage or deed of trust on real estate
     5  upon which there is located or there is to be  located  a  structure  or
     6  structures  intended principally for occupancy of from one to four fami-
     7  lies which is or will be occupied by  the  borrower  as  the  borrower's
     8  principal dwelling; and
     9    (v) The property is located in this state.
    10    §  3.  This act shall take effect immediately; provided, however, that
    11  the amendments to subdivision 6 of section 1304  of  the  real  property
    12  actions  and  proceedings  law  made by section one of this act shall be
    13  subject to the expiration and reversion of such subdivision pursuant  to
    14  subdivision  a  of  section  25  of  chapter 507 of the laws of 2009, as
    15  amended, when upon such date the provisions of section two of  this  act
    16  shall take effect.