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: (Passed) 2019-12-06 - approval memo.27
[A05626 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2019-02-14 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for New York A05626 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for New York A05626 currently on file. |
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