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S04452 Summary:

BILL NOS04452
 
SAME ASSAME AS A05821
 
SPONSORKLEIN
 
COSPNSR
 
MLTSPNSR
 
Add 280-d, RP L
 
Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.
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