New York Senate Bill 4407 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 5-0)
Status: Passed on December 6 2019 - 100% progression
Action: 2019-12-06 - approval memo.27
Text: Latest bill text (Introduced) [HTML]

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.

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.

Sen. Andrew Gounardes [D]	Sen. Joseph Addabbo [D]	Sen. David Carlucci [D]	Sen. Rachel May [D]
Sen. Kevin Parker [D]

2019-05-21 - Senate - Senate Floor Vote - Final Passage (Y: 59 N: 2 NV: 0 Abs: 1) [PASS]
2019-05-14 - Senate - Senate Aging Committee Vote (Y: 7 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2019-12-06	Senate	approval memo.27
2019-12-06	Senate	signed chap.581
2019-11-26	Assembly	delivered to governor
2019-05-21	Assembly	RETURNED TO ASSEMBLY
2019-05-21	Assembly	PASSED SENATE
2019-05-21	Assembly	3RD READING CAL.741
2019-05-21	Assembly	SUBSTITUTED FOR S4407
2019-05-15	Assembly	REFERRED TO AGING
2019-05-15	Senate	delivered to senate
2019-05-15	Senate	passed assembly
2019-05-09	Senate	advanced to third reading cal.301
2019-05-07	Senate	reported
2019-04-30	Senate	reported referred to codes
2019-02-14	Senate	referred to judiciary
2019-05-21	Senate	SUBSTITUTED BY A5626
2019-05-20	Senate	ADVANCED TO THIRD READING
2019-05-15	Senate	2ND REPORT CAL.
2019-05-14	Senate	1ST REPORT CAL.741
2019-03-11	Senate	REFERRED TO AGING

A05626 (Same As) 2019-12-06 - approval memo.27

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2019/S4407
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S04407&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S04407
Roll Call	https://www.nysenate.gov/legislation/bills/2019/S4407#SC1
Roll Call	https://www.nysenate.gov/legislation/bills/2019/S4407#SF1