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]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Assemblymember Helene Weinstein [D]	Primary	Sponsored Bills	HD-041	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Walter Mosley [D]	Cosponsor	Sponsored Bills	HD-057	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Peter Abbate [D]	Cosponsor	Sponsored Bills	HD-049	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember William Colton [D]	Cosponsor	Sponsored Bills	HD-047	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Steven Cymbrowitz [D]	Cosponsor	Sponsored Bills	HD-045	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Sandra Galef [D]	Cosponsor	Sponsored Bills	HD-095	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Kenneth Zebrowski [D]	Cosponsor	Sponsored Bills	HD-096	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Latoya Joyner [D]	Cosponsor	Sponsored Bills	HD-077	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Felix Ortiz [D]	Cosponsor	Sponsored Bills	HD-051	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Deborah Glick [D]	Cosponsor	Sponsored Bills	HD-066	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Jeffrey Dinowitz [D]	Cosponsor	Sponsored Bills	HD-081	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Robert Carroll [D]	Cosponsor	Sponsored Bills	HD-044	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Anthony D'Urso [D]	Cosponsor	Sponsored Bills	HD-016	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Phillip Steck [D]	Cosponsor	Sponsored Bills	HD-110	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Alicia Hyndman [D]	Cosponsor	Sponsored Bills	HD-029	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Diane Richardson [D]	Cosponsor	Sponsored Bills	HD-043	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Jeffrion Aubry [D]	Cosponsor	Sponsored Bills	HD-035	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Rebecca Seawright [D]	Cosponsor	Sponsored Bills	HD-076	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Thomas Abinanti [D]	Cosponsor	Sponsored Bills	HD-092	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Monica Wallace [D]	Cosponsor	Sponsored Bills	HD-143	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Kevin Cahill [D]	Cosponsor	Sponsored Bills	HD-103	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Donna Lupardo [D]	Cosponsor	Sponsored Bills	HD-123	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Patrick Burke [D]	Cosponsor	Sponsored Bills	HD-142	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Alfred Taylor [D]	Cosponsor	Sponsored Bills	HD-071	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Catalina Cruz [D]	Cosponsor	Sponsored Bills	HD-039	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Richard Gottfried [D]	Cosponsor	Sponsored Bills	HD-075	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Vivian Cook [D]	Primary	Sponsored Bills	HD-032	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Steven Englebright [D]	Primary	Sponsored Bills	HD-004	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Judy Griffin [D]	Primary	Sponsored Bills	HD-021	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Catherine Nolan [D]	Primary	Sponsored Bills	HD-037	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Jo Simon [D]	Primary	Sponsored Bills	HD-052	FollowTheMoney	Ballotpedia	VoteSmart
Assemblymember Fred Thiele [D]	Primary	Sponsored Bills	HD-001	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on NY A05626