-  This bill is not active in this session.
 

A05625 Summary:

BILL NOA05625A
 
SAME ASSAME AS S03221
 
SPONSORWeinstein (MS)
 
COSPNSRMosley, Jaffee, Abbate, Cymbrowitz, Galef, Zebrowski, Joyner, Ortiz, Glick, Dinowitz, Carroll, D'Urso, Steck, Hyndman, Richardson, Seawright, Weprin, Cahill, Colton, Taylor
 
MLTSPNSRCook, Englebright, Griffin, Nolan, Simon, Thiele
 
Add §280-b, RP L
 
Directs the department of financial services to establish an internet website for comparison of federal home equity conversion reverse mortgage products offered in the state.
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A05625 Actions:

BILL NOA05625A
 
02/14/2019referred to judiciary
03/05/2019reported referred to ways and means
06/05/2019reported referred to rules
06/05/2019amend and recommit to rules 5625a
06/11/2019reported
06/11/2019rules report cal.134
06/11/2019ordered to third reading rules cal.134
06/13/2019passed assembly
06/13/2019delivered to senate
06/13/2019REFERRED TO RULES
06/14/2019SUBSTITUTED FOR S3221
06/14/20193RD READING CAL.1380
06/14/2019PASSED SENATE
06/14/2019RETURNED TO ASSEMBLY
11/26/2019delivered to governor
12/06/2019vetoed memo.173
12/06/2019tabled
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A05625 Committee Votes:

JUDICIARY Chair:Dinowitz DATE:03/05/2019AYE/NAY:19/0 Action: Favorable refer to committee Ways and Means
DinowitzAyePalumboAye
TitusExcusedMontesanoAye
LavineAyeGoodellAye
ZebrowskiAyeNorrisAye
WeprinAyeWalshAye
BraunsteinAyeByrnesAye
SimotasAye
QuartExcused
BuchwaldAye
SteckAye
SeawrightAye
JoynerAye
AbinantiAye
WrightAye
WallaceAye

WAYS AND MEANS Chair:Weinstein DATE:06/05/2019AYE/NAY:31/0 Action: Favorable refer to committee Rules
WeinsteinAyeBarclayAye
LentolAyeCrouchAye
SchimmingerAyeFitzpatrickAye
GanttExcusedHawleyAye
GlickAyeMalliotakisAye
NolanExcusedMontesanoAye
PretlowAyeRaAye
PerryAyeBlankenbushAye
ColtonAyePalmesanoAye
CookAyeNorrisAye
CahillAye
AubryAye
ThieleAye
CusickAye
OrtizAye
BenedettoAye
WeprinAye
RodriguezAbsent
RamosAye
BraunsteinAye
McDonaldAye
RozicAye
SimotasAye
DinowitzAye
MillerExcused

RULES Chair:Gottfried DATE:06/11/2019AYE/NAY:25/0 Action: Favorable
HeastieExcusedKolbAye
GottfriedAyeCrouchAye
LentolAyeFinchAye
GanttExcusedBarclayAye
NolanAyeRaiaAye
WeinsteinAyeHawleyAye
OrtizAyeGiglioAye
PretlowAyeMalliotakisAye
CookAye
GlickAye
AubryAye
EnglebrightAye
DinowitzAye
ColtonAye
MagnarelliAye
PerryAye
PaulinAye
TitusExcused
Peoples-StokesExcused
BenedettoAye
LavineExcused
LupardoAye
ZebrowskiExcused

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A05625 Floor Votes:

DATE:06/13/2019Assembly Vote  YEA/NAY: 144/2
Yes
Abbate
ER
Crespo
ER
Gantt
Yes
LiPetri
Yes
Perry
Yes
Simon
Yes
Abinanti
Yes
Crouch
Yes
Garbarino
Yes
Lupardo
Yes
Pheffer Amato
Yes
Simotas
Yes
Arroyo
Yes
Cruz
Yes
Giglio
Yes
Magnarelli
Yes
Pichardo
Yes
Smith
Yes
Ashby
Yes
Cusick
Yes
Glick
Yes
Malliotakis
Yes
Pretlow
Yes
Smullen
Yes
Aubry
Yes
Cymbrowitz
Yes
Goodell
Yes
Manktelow
Yes
Quart
Yes
Solages
Yes
Barclay
Yes
Davila
Yes
Gottfried
Yes
McDonald
Yes
Ra
Yes
Stec
Yes
Barnwell
Yes
De La Rosa
Yes
Griffin
Yes
McDonough
Yes
Raia
Yes
Steck
Yes
Barrett
Yes
DenDekker
Yes
Gunther
Yes
McMahon
Yes
Ramos
Yes
Stern
Yes
Barron
Yes
DeStefano
Yes
Hawley
Yes
Mikulin
Yes
Raynor
Yes
Stirpe
Yes
Benedetto
Yes
Dickens
Yes
Hevesi
Yes
Miller B
Yes
Reilly
Yes
Tague
Yes
Bichotte
Yes
Dilan
Yes
Hunter
Yes
Miller MG
Yes
Reyes
Yes
Taylor
Yes
Blake
Yes
Dinowitz
Yes
Hyndman
Yes
Miller ML
Yes
Richardson
Yes
Thiele
Yes
Blankenbush
Yes
DiPietro
Yes
Jacobson
Yes
Montesano
Yes
Rivera
Yes
Titus
Yes
Brabenec
Yes
D'Urso
Yes
Jaffee
Yes
Morinello
Yes
Rodriguez
Yes
Vanel
Yes
Braunstein
Yes
Eichenstein
Yes
Jean-Pierre
ER
Mosley
Yes
Romeo
No
Walczyk
Yes
Bronson
Yes
Englebright
Yes
Johns
Yes
Niou
Yes
Rosenthal D
Yes
Walker
Yes
Buchwald
Yes
Epstein
Yes
Jones
Yes
Nolan
Yes
Rosenthal L
Yes
Wallace
Yes
Burke
Yes
Fahy
Yes
Joyner
Yes
Norris
Yes
Rozic
Yes
Walsh
Yes
Buttenschon
Yes
Fall
Yes
Kim
Yes
O'Donnell
Yes
Ryan
Yes
Weinstein
Yes
Byrne
Yes
Fernandez
Yes
Kolb
Yes
Ortiz
Yes
Salka
Yes
Weprin
Yes
Byrnes
Yes
Finch
Yes
Lalor
Yes
Otis
Yes
Santabarbara
ER
Williams
Yes
Cahill
Yes
Fitzpatrick
Yes
Lavine
Yes
Palmesano
Yes
Sayegh
Yes
Woerner
Yes
Carroll
No
Friend
Yes
Lawrence
Yes
Palumbo
Yes
Schimminger
Yes
Wright
Yes
Colton
Yes
Frontus
Yes
Lentol
Yes
Paulin
Yes
Schmitt
Yes
Zebrowski
Yes
Cook
Yes
Galef
Yes
Lifton
Yes
Peoples-Stokes
Yes
Seawright
Yes
Mr. Speaker

‡ Indicates voting via videoconference
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A05625 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5625--A
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 14, 2019
                                       ___________
 
        Introduced  by  M.  of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ,
          GALEF, ZEBROWSKI, JOYNER, ORTIZ,  GLICK,  DINOWITZ,  CARROLL,  D'URSO,
          STECK,  HYNDMAN, RICHARDSON, SEAWRIGHT, WEPRIN, CAHILL, COLTON, TAYLOR
          -- Multi-Sponsored by -- M. of A. COOK, ENGLEBRIGHT,  GRIFFIN,  NOLAN,
          SIMON,  THIELE -- read once and referred to the Committee on Judiciary
          -- reported and referred  to  the  Committee  on  Ways  and  Means  --
          reported  and  referred  to  the Committee on Rules -- Rules Committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to the Committee on Rules
 
        AN ACT to amend the real property law,  in  relation  to  directing  the
          department  of financial services to establish an internet website for
          federal home equity conversion mortgage product comparison
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The  real property law is amended by adding a new section
     2  280-b to read as follows:
     3    § 280-b. Federal home equity conversion mortgage  comparison  website.
     4  1.  For the purposes of this section, the following terms shall have the
     5  following meanings:
     6    (a) Reverse mortgage loan. A  reverse  mortgage  loan  as  defined  in
     7  section two hundred eighty of this article, which is issued in the state
     8  pursuant  to  the  home  equity  conversion mortgage for seniors program
     9  operated by the federal Department of Housing and Urban Development.
    10    (b) Authorized lender. An authorized lender as defined in section  two
    11  hundred  eighty  of  this  article  authorized  to make reverse mortgage
    12  loans, as defined in this section.
    13    (c) Department.  The  department  of  financial  services  established
    14  pursuant to section one hundred two of the financial services law.
    15    2. The department shall establish and operate a home equity conversion
    16  mortgage  comparison  website. Such website shall provide information to
    17  potential consumers of reverse mortgage loans, including information and
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00900-03-9

        A. 5625--A                          2
 
     1  comparisons on reverse mortgage loan products so as to  allow  consumers
     2  to  make  educated choices as to which authorized lenders offer the best
     3  services, terms and value based on a variety of financial circumstances.
     4  The department shall ensure that the website allows consumers to compare
     5  the cost, rate and service features of reverse mortgage loan products.
     6    3. An authorized lender may submit information on its reverse mortgage
     7  loan  products  to  the department for inclusion on the internet website
     8  established pursuant to this section, if:
     9    (a) the authorized lender submits complete reverse mortgage loan pric-
    10  es to the department;
    11    (b) the authorized lender submits all factors relating to the  reverse
    12  mortgage loans affecting future rate adjustments which may impact future
    13  debt, borrower equity or lines of credit;
    14    (c)  the  prices  and  costs  provided to the department are as low or
    15  lower than those offered under any other circumstances for a  particular
    16  product; and
    17    (d)  the authorized lender submits such fee, as shall be determined by
    18  the department, for the publication of information on the website.
    19    § 2. This act shall take effect on the one hundred eightieth day after
    20  it shall have become a law. Effective immediately, the addition,  amend-
    21  ment and/or repeal of any rule or regulation necessary for the implemen-
    22  tation  of  this act on its effective date are authorized to be made and
    23  completed on or before such effective date.
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