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A05822 Summary:

BILL NOA05822
 
SAME ASSAME AS S04494
 
SPONSORWeinstein
 
COSPNSRKearns, Mosley, Jaffee, Abbate, Colton, Sepulveda, Cymbrowitz, Galef, Zebrowski, Joyner, Ortiz, Skoufis, Rivera, Blake, Glick, Harris, Dinowitz, Carroll, D'Urso, Steck, Hyndman, Richardson, Davila, Aubry
 
MLTSPNSRCook, Englebright, Nolan, Simon, Thiele
 
Add 280-e, RP L
 
Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; every authorized lender must provide copies of such summary not less than 1 day prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.
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