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]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Senate Floor Vote - Final Passage	2019-05-21	59	2	0	1	62	Passed	Link	View
Assembly	Assembly Floor Vote - Final Passage	2019-05-15	141	0	0	9	150	Passed	Link	View
Assembly	Assembly Codes Committee: Favorable	2019-05-07	20	0	0	2	22	Passed	Link	View
Assembly	Assembly Judiciary Committee: Favorable refer to committee Codes	2019-04-30	18	1	0	2	21	Passed	Link	View

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