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A05820 Summary:

BILL NOA05820
 
SAME ASSAME AS S04453
 
SPONSORWeinstein
 
COSPNSR
 
MLTSPNSR
 
Add 280-b, RP L
 
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.
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