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A05626 Summary:

SPONSORWeinstein (MS)
COSPNSRMosley, Abbate, Colton, Cymbrowitz, Galef, Zebrowski, Joyner, Ortiz, Glick, Dinowitz, Carroll, D'Urso, Steck, Hyndman, Richardson, Aubry, Seawright, Abinanti, Wallace, Cahill, Lupardo, Burke, Taylor, Cruz, Gottfried
MLTSPNSRCook, Englebright, Griffin, Nolan, Simon, Thiele
Add §280-b, RP L
Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted; prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.
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