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Who cares
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Sponsors
2 Co-sponsors
History
- Advanced to third reading
- 2nd report cal.
- 1st report cal.943
- Reported and committed to codes
- Referred to judiciary
- Reported and committed to codes
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Prohibits mortgagees from requiring mortgagors of certain pieces of real property to purchase flood insurance coverage exceeding the actual value of the loan
In Assembly Committee · Judiciary · Sponsor Mark J.F. Schroeder
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property law, in relation to prohibiting mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding the amount required by federal law
Purpose
No mortgagee shall require the mortgagor to purchase flood insurance in excess of the federal maximum, shall deny a mortgagor a loan on the basis that the mortgagor declines to purchase flood insurance in excess of the federal maximum and shall not require a mortgagor to purchase flood insurance in excess of an amount equal to the outstanding principal balance of the loan or maximum coverage made available under the national flood insurance act.
Summary of provisions
Section 1: Amends the real property law to add Section 282, sections 1-4 codifies the purpose of the bill.
Section 2: Establishes the effective date.
Justification
This bill would prohibit mortgagees from requiring that mortgagors purchase flood insurance in excess of amounts required by federal law. Under current New York State law mortgagees are allowed to charge mortgagors in excess of the federal amounts.
Legislative history
FISCAL IMPLICATIONS : None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.