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S02373 Summary:

BILL NOS02373
 
SAME ASSAME AS A05628-A
 
SPONSORCARLUCCI
 
COSPNSRSEPULVEDA
 
MLTSPNSR
 
Add §280-b, RP L
 
Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.
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