Bill Title: Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted; prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Passed) 2019-12-06 - approval memo.27 [S04407 Detail]

Text: Latest bill text (Introduced) [HTML]

---

Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Senate Floor Vote - Final Passage	2019-05-21	59	2	0	1	62	Passed	Link	View
Senate	Senate Aging Committee Vote	2019-05-14	7	0	0	0	7	Passed	Link	View

Social Comments on NY S04407