New York State Assembly

 
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A05819 Summary:

A05819 Actions:

A05819 Committee Votes:

Committee:JUDICIARY   Chair:Weinstein      
DATE:05/09/2017AYE/NAY:21/0  Action: Favorable refer to committee Ways and Means        
Weinstein
Aye
Palumbo
Aye
Dinowitz
Aye
Montesano
Aye
Titus
Aye
Barclay
Aye
Lavine
Aye
Goodell
Aye
Zebrowski
Aye
Graf
Aye
Weprin
Aye
Lupinacci
Aye
Braunstein
Aye
Simotas
Aye
Quart
Aye
Titone
Aye
Buchwald
Aye
Steck
Aye
Seawright
Aye
Simon
Aye
Joyner
Aye

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:06/14/2017AYE/NAY:29/0  Action: Favorable refer to committee Rules        
Farrell
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Aye
Gantt
Excused
Fitzpatrick
Aye
Weinstein
Aye
Hawley
Aye
Glick
Aye
Malliotakis
Aye
Nolan
Excused
Walter
Aye
Pretlow
Aye
Montesano
Aye
Perry
Aye
Curran
Aye
Colton
Aye
Ra
Aye
Cook
Excused
Cahill
Aye
Aubry
Aye
Hooper
Excused
Thiele
Aye
Cusick
Aye
Ortiz
Excused
Benedetto
Aye
Moya
Aye
Weprin
Aye
Rodriguez
Excused
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye

Committee:RULES   Chair:Heastie      
DATE:06/15/2017AYE/NAY:30/0  Action: Favorable         
Heastie
Aye
Kolb
Aye
Gottfried
Aye
Oaks
Aye
Lentol
Aye
Butler
Aye
Farrell
Aye
Crouch
Aye
Gantt
Aye
Finch
Aye
Nolan
Aye
Barclay
Aye
Weinstein
Aye
Raia
Aye
Hooper
Aye
Hawley
Aye
Ortiz
Aye
Pretlow
Aye
Cook
Excused
Glick
Aye
Morelle
Aye
Aubry
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Galef
Aye
Paulin
Aye
Titus
Aye
Peoples-Stokes
Aye

A05819 Floor Votes:

A05819 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5819
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 16, 2017
                                       ___________
 
        Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
          Committee on Judiciary
 
        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-c to read as follows:
     3    § 280-c. 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
    18  comparisons on reverse mortgage loan products so as to  allow  consumers
    19  to  make  educated choices as to which authorized lenders offer the best
    20  services, terms and value based on a variety of financial circumstances.
    21  The department shall ensure that the website allows consumers to compare
    22  the cost, rate and service features of reverse mortgage loan products.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07813-02-7
        A. 5819                             2
 
     1    3. An authorized lender may submit information on its reverse mortgage
     2  loan products to the department for inclusion on  the  internet  website
     3  established pursuant to this section, if:
     4    (a) the authorized lender submits complete reverse mortgage loan pric-
     5  es to the department;
     6    (b)  the authorized lender submits all factors relating to the reverse
     7  mortgage loans affecting future rate adjustments which may impact future
     8  debt, borrower equity or lines of credit;
     9    (c) the prices and costs provided to the  department  are  as  low  or
    10  lower  than those offered under any other circumstances for a particular
    11  product; and
    12    (d) the authorized lender submits such fee, as shall be determined  by
    13  the department, for the publication of information on the website.
    14    § 2. This act shall take effect on the one hundred eightieth day after
    15  it shall have become a law; provided, however, that effective immediate-
    16  ly,  any  actions  necessary for the implementation of the provisions of
    17  this act on its  effective  date  are  authorized  and  directed  to  be
    18  completed on or before such effective date.