Comments: NY A05626 | 2019-2020 | General Assembly

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 32-0)

Status: (Engrossed) 2019-05-21 - RETURNED TO ASSEMBLY [A05626 Detail]

Text: Latest bill text (Introduced) [HTML]

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