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.
STATE OF NEW YORK
________________________________________________________________________
3221
2019-2020 Regular Sessions
IN SENATE
February 4, 2019
___________
Introduced by Sen. SANDERS -- read twice and ordered printed, and when
printed to be committed 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-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
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.
LBD00900-02-9
S. 3221 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. Effective immediately, the addition, amend-
16 ment and/or repeal of any rule or regulation necessary for the implemen-
17 tation of this act on its effective date are authorized to be made and
18 completed on or before such effective date.
