- Summary
- Actions
- Committee Votes
- Floor Votes
- Memo
- Text
- LFIN
- Chamber Video/Transcript
S04408 Summary:
BILL NO | S04408 |
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SAME AS | SAME AS A05627 |
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SPONSOR | GOUNARDES |
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COSPNSR | ADDABBO, CARLUCCI, MAY, PARKER |
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MLTSPNSR | |
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Add §280-d, RP L | |
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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. |
S04408 Actions:
BILL NO | S04408 | |||||||||||||||||||||||||||||||||||||||||||||||||
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03/11/2019 | REFERRED TO AGING | |||||||||||||||||||||||||||||||||||||||||||||||||
05/14/2019 | 1ST REPORT CAL.742 | |||||||||||||||||||||||||||||||||||||||||||||||||
05/15/2019 | 2ND REPORT CAL. | |||||||||||||||||||||||||||||||||||||||||||||||||
05/20/2019 | ADVANCED TO THIRD READING | |||||||||||||||||||||||||||||||||||||||||||||||||
05/21/2019 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
05/21/2019 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
05/21/2019 | referred to judiciary | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2020 | died in assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2020 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2020 | REFERRED TO AGING | |||||||||||||||||||||||||||||||||||||||||||||||||
01/22/2020 | 1ST REPORT CAL.225 | |||||||||||||||||||||||||||||||||||||||||||||||||
01/23/2020 | 2ND REPORT CAL. | |||||||||||||||||||||||||||||||||||||||||||||||||
01/27/2020 | ADVANCED TO THIRD READING | |||||||||||||||||||||||||||||||||||||||||||||||||
01/29/2020 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
01/29/2020 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
01/29/2020 | referred to judiciary | |||||||||||||||||||||||||||||||||||||||||||||||||
07/21/2020 | substituted for a5627 | |||||||||||||||||||||||||||||||||||||||||||||||||
07/21/2020 | ordered to third reading rules cal.230 | |||||||||||||||||||||||||||||||||||||||||||||||||
07/22/2020 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
07/22/2020 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
12/03/2020 | DELIVERED TO GOVERNOR | |||||||||||||||||||||||||||||||||||||||||||||||||
12/15/2020 | SIGNED CHAP.337 | |||||||||||||||||||||||||||||||||||||||||||||||||
12/15/2020 | APPROVAL MEMO.43 |
S04408 Committee Votes:
Go to topS04408 Floor Votes:
Yes
Abbate
No
Crouch
No
Garbarino
Yes
Lupardo
Yes
Pheffer Amato
Yes
Solages
Yes
Abinanti
Yes
Cruz
No
Giglio
Yes
Magnarelli
Yes
Pichardo
No
Stec
Yes
Arroyo
Yes
Cusick
Yes
Glick
No
Malliotakis
Yes
Pretlow
Yes
Steck
No
Ashby
Yes
Cymbrowitz
No
Goodell
No
Manktelow
Yes
Quart
Yes
Stern
Yes
Aubry
Yes
Darling
Yes
Gottfried
Yes
McDonald
No
Ra
Yes
Stirpe
No
Barclay
Yes
Davila
Yes
Griffin
No
McDonough
Yes
Ramos
No
Tague
Yes
Barnwell
Yes
De La Rosa
Yes
Gunther
Yes
McMahon
No
Reilly
Yes
Taylor
Yes
Barrett
Yes
DenDekker
No
Hawley
No
Mikulin
Yes
Reyes
Yes
Thiele
Yes
Barron
No
DeStefano
Yes
Hevesi
No
Miller B
ER
Richardson
Yes
Vanel
Yes
Benedetto
Yes
Dickens
Yes
Hunter
Yes
Miller MG
Yes
Rivera
No
Walczyk
Yes
Bichotte
Yes
Dilan
Yes
Hyndman
No
Miller ML
Yes
Rodriguez
Yes
Walker
Yes
Blake
Yes
Dinowitz
Yes
Jacobson
No
Montesano
Yes
Rosenthal D
Yes
Wallace
No
Blankenbush
No
DiPietro
Yes
Jaffee
No
Morinello
Yes
Rosenthal L
No
Walsh
No
Brabenec
Yes
D'Urso
Yes
Jean-Pierre
Yes
Mosley
Yes
Rozic
Yes
Weinstein
Yes
Braunstein
Yes
Eichenstein
No
Johns
Yes
Niou
Yes
Ryan
Yes
Weprin
Yes
Bronson
Yes
Englebright
Yes
Jones
Yes
Nolan
No
Salka
Yes
Williams
Yes
Buchwald
Yes
Epstein
Yes
Joyner
No
Norris
Yes
Santabarbara
No
Woerner
Yes
Burke
Yes
Fahy
Yes
Kim
Yes
O'Donnell
Yes
Sayegh
Yes
Wright
Yes
Buttenschon
Yes
Fall
No
Kolb
Yes
Ortiz
ER
Schimminger
Yes
Zebrowski
No
Byrne
Yes
Fernandez
No
Lalor
Yes
Otis
No
Schmitt
Yes
Mr. Speaker
No
Byrnes
ER
Finch
Yes
Lavine
No
Palmesano
Yes
Seawright
Yes
Cahill
No
Fitzpatrick
No
Lawrence
No
Palumbo
Yes
Simon
Yes
Carroll
No
Friend
Yes
Lentol
Yes
Paulin
Yes
Simotas
Yes
Colton
Yes
Frontus
Yes
Lifton
Yes
Peoples-Stokes
No
Smith
Yes
Cook
Yes
Galef
No
LiPetri
Yes
Perry
No
Smullen
‡ Indicates voting via videoconference
S04408 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 4408 2019-2020 Regular Sessions IN SENATE March 11, 2019 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property law, in relation to the regulation of default and foreclosure of reverse mortgages issued under the federal home equity conversion mortgage for seniors program 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-d to read as follows: 3 § 280-d. Federal home equity conversion mortgage default and foreclo- 4 sure regulation. 1. For the purposes of this section, the following 5 terms shall have the 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 this 8 state pursuant to the home equity conversion mortgage for seniors 9 program operated by the federal Department of Housing and Urban Develop- 10 ment. 11 (b) Authorized lender. An authorized lender as defined in section two 12 hundred eighty of this article authorized to make reverse mortgage 13 loans, as defined in this section. 14 (c) Department. The department of financial services established 15 pursuant to section one hundred two of the financial services law. 16 2. In the event of a default or foreclosure upon a reverse mortgage 17 loan, the authorized lender, upon the commencement of the foreclosure 18 proceeding, shall transmit to the department proof that the federal 19 Department of Housing and Urban Development has granted prior approval 20 to accelerate the loan, proof of the default notice to the mortgagor and 21 any such information relating to the loans and the mortgagor as the 22 department shall determine to be necessary. Upon receipt of such infor- 23 mation, the department shall provide notice of and information relating 24 to the foreclosure to the mortgagor. Such notice shall include a notice EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00912-01-9S. 4408 2 1 of the mortgagor's rights in the foreclosure process and contact infor- 2 mation for legal service organizations which may be able to assist the 3 mortgagor with the mortgage default and/or foreclosure. 4 3. No reverse mortgage loan commitment shall be issued by an author- 5 ized lender unless such commitment provides in writing notice that the 6 department will be provided notice of any default or foreclosure upon 7 the loan so as to provide assistance to the mortgagor. 8 4. No authorized lender shall make an advance payment for any obli- 9 gation arising from mortgaged real property. Furthermore, in the event a 10 mortgagor defaults upon the payment of mortgage insurance premium, home- 11 owners insurance premium or real property tax related to the mortgaged 12 property, the authorized lender may only pay those premiums and/or taxes 13 which are in arrears. 14 5. The department shall issue regulations which shall require mortga- 15 gees to engage in mandatory loss mitigation procedures to be specified 16 by the department. These loss mitigation procedures shall comply with 17 any restrictions on loss mitigation issued by the federal Department of 18 Housing and Urban Development for reverse mortgages and shall be updated 19 when necessary to ensure compliance with federal rules. The mortgagee 20 shall provide information to the department about loans receiving such 21 loss mitigation assistance. This includes maintaining loan level, loss 22 mitigation data and providing the department with the following informa- 23 tion for loans associated with a repayment plan: 24 (a) monthly surplus income; 25 (b) term of repayment plan; 26 (c) amount of monthly repayment plan payment; 27 (d) due date of next monthly payment; 28 (e) when a mortgagor experiences a hardship; and 29 (f) reason for hardship. 30 6. Any person who has been injured by reason of any violation of this 31 section may bring an action in his or her own name to recover treble his 32 or her actual damages, plus the prevailing plaintiff's reasonable attor- 33 ney's fees. 34 7. The requirements of this section shall be conditions precedent to 35 commencing an action to foreclose upon a home equity conversion mortgage 36 which is subject to the provisions of this section, and failure to 37 comply therewith shall be a complete defense to a foreclosure action. 38 § 2. This act shall take effect on the one hundred twentieth day after 39 it shall have become a law; provided, however, that effective immediate- 40 ly, any actions necessary for the implementation of this act on its 41 effective date are authorized and directed to be completed on or before 42 such date.