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S04452 Summary:
| BILL NO | S04452 |
| SAME AS | SAME AS A05821 |
| SPONSOR | KLEIN |
| COSPNSR | AVELLA, SEPULVEDA |
| 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. | |