Bill Text: NY S07184 | 2019-2020 | General Assembly | Introduced

---

Bill Title: Prohibits the use of the words "government insured" or other similar language in a manner that falsely represents that reverse mortgage loans are insured, supported and sponsored by any governmental entity in any commercial, mailing, advertisement or writing relating thereto.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2020-01-22 - referred to judiciary [S07184 Detail]

Download: New_York-2019-S07184-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          7184

                    IN SENATE

                                    January 10, 2020
                                       ___________

        Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN  ACT  to  amend  the  real property law, in relation to regulation of
          reverse mortgage loans issued under the federal home equity conversion
          mortgage for seniors program

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (b) of subdivision 2 of section 280-b of the real
     2  property  law,  as  added by a chapter of the laws of 2019, amending the
     3  real property law relating to regulation  of  reverse  mortgages  issued
     4  under  the  federal home equity conversion mortgage for seniors program,
     5  as proposed in legislative bills numbers S. 4407 and A. 5626, is amended
     6  to read as follows:
     7    (b) use the words  "government  insured"  or  other  similar  language
     8  [representing] in a manner that falsely represents that reverse mortgage
     9  loans are insured, supported and sponsored by any governmental entity in
    10  any commercial, mailing, advertisement or writing relating thereto; or
    11    §  2.  This  act  shall  take  effect on the same date and in the same
    12  manner as a chapter of the laws of 2019, amending the real property  law
    13  relating  to  regulation  of  reverse mortgages issued under the federal
    14  home equity conversion mortgage for  seniors  program,  as  proposed  in
    15  legislative bills numbers S. 4407 and A. 5626, takes effect.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00905-02-0