Roll Call: NY A05626 | 2019-2020 | General Assembly
For additional roll call votes on New York A05626 please see the Vote List
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]
Text: Latest bill text (Introduced) [HTML]
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]
Text: Latest bill text (Introduced) [HTML]
Vote: Assembly Codes Committee: Favorable
| Vote | Tally | Democrat | Republican |
|---|---|---|---|
| Yea | 20 | 14 | 6 |
| Nay | - | - | - |
| Not Voting | - | - | - |
| Absent | 2 | 2 | - |
| TOTAL | 22 | 16 | 6 |
