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A05626 Summary:
| BILL NO | A05626 |
| SAME AS | SAME AS S04407 |
| SPONSOR | Weinstein (MS) |
| COSPNSR | Mosley, 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 |
| MLTSPNSR | Cook, 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. | |