NY A05627 | 2019-2020 | General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 32-0)
Status: Passed on December 15 2020 - 100% progression
Action: 2020-12-15 - APPROVAL MEMO.43
Text: Latest bill text (Introduced) [HTML]

Summary

Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.

Tracking Information

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Title

Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.

Sponsors


Roll Calls

2020-07-21 - Assembly - Assembly Rules Committee: Favorable (Y: 19 N: 7 NV: 0 Abs: 4) [PASS]
2020-07-17 - Assembly - Assembly Codes Committee: Favorable refer to committee Rules (Y: 15 N: 6 NV: 0 Abs: 1) [PASS]
2020-07-14 - Assembly - Assembly Judiciary Committee: Favorable refer to committee Codes (Y: 15 N: 6 NV: 0 Abs: 0) [PASS]
2020-01-29 - Senate - Senate Floor Vote - Final Passage (Y: 56 N: 2 NV: 0 Abs: 4) [PASS]
2020-01-22 - Senate - Senate Aging Committee Vote (Y: 7 N: 0 NV: 0 Abs: 0) [PASS]
2019-05-21 - Senate - Senate Floor Vote - Final Passage (Y: 58 N: 3 NV: 0 Abs: 1) [PASS]
2019-05-14 - Senate - Senate Aging Committee Vote (Y: 7 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2020-12-15AssemblyAPPROVAL MEMO.43
2020-12-15AssemblySIGNED CHAP.337
2020-12-03SenateDELIVERED TO GOVERNOR
2020-07-22Assemblyreturned to senate
2020-07-22Assemblypassed assembly
2020-07-21Assemblyordered to third reading rules cal.230
2020-07-21Assemblysubstituted for a5627
2020-01-29Assemblyreferred to judiciary
2020-01-29SenateDELIVERED TO ASSEMBLY
2020-01-29SenatePASSED SENATE
2020-01-27SenateADVANCED TO THIRD READING
2020-01-23Senate2ND REPORT CAL.
2020-01-22Senate1ST REPORT CAL.225
2020-01-08SenateREFERRED TO AGING
2020-01-08Senatereturned to senate
2020-01-08Senatedied in assembly
2019-05-21Senatereferred to judiciary
2019-05-21AssemblyDELIVERED TO ASSEMBLY
2019-05-21AssemblyPASSED SENATE
2019-05-20AssemblyADVANCED TO THIRD READING
2019-05-15Assembly2ND REPORT CAL.
2019-05-14Assembly1ST REPORT CAL.742
2019-03-11AssemblyREFERRED TO AGING
2020-07-21Assemblysubstituted by s4408
2020-07-21Assemblyrules report cal.230
2020-07-21Assemblyreported
2020-07-17Assemblyreported referred to rules
2020-07-14Assemblyreported referred to codes
2020-01-08Assemblyreferred to judiciary
2019-02-14Assemblyreferred to judiciary

Same As/Similar To

S04408 (Same As) 2020-12-15 - APPROVAL MEMO.43

New York State Sources

TypeSource
Summaryhttps://www.nysenate.gov/legislation/bills/2019/A5627
Texthttps://assembly.state.ny.us/leg/?default_fld=&bn=A05627&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05627
Roll Callhttps://assembly.state.ny.us/leg/?default_fld=&bn=A05627&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#AC1
Roll Callhttps://assembly.state.ny.us/leg/?default_fld=&bn=A05627&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#AC2
Roll Callhttps://assembly.state.ny.us/leg/?default_fld=&bn=A05627&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#AC3
Roll Callhttps://www.nysenate.gov/legislation/bills/2019/A5627#SC1
Roll Callhttps://www.nysenate.gov/legislation/bills/2019/A5627#SF1
Roll Callhttps://www.nysenate.gov/legislation/bills/2019/A5627#SC2
Roll Callhttps://www.nysenate.gov/legislation/bills/2019/A5627#SF2

Bill Comments

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