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History
- Referred to banks
Full text
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Sponsor's memo
BILL NUMBER:S2290
Title of bill
An act to amend the banking law, in relation to assessment of banking institution's record regarding credit needs of local communities
Summary
This bill would amend Section 1, subparagraph 9 of paragraph (a) of subdivision 3 of section 28-b of the banking law, as added by Chapter 883 of the laws of 1980. This bill would add language to permit Community Reinvestment Act credits to be granted to banking institutions when they issue reverse mortgages to people whose incomes are 80% or less than the median income of their county of residence.
Justification
Few banks in New York State are currently involved in reverse mortgage programs. The few banks that do provide this service to senior citizens are not focused on the economic group that needs them most. This bill encourages banks to provide reverse mortgages to senior citizens who are "house rich but cash poor"; those people whose only assets in life may be their home and a social security check. Through the provision of CRA credits more banks will provide reverse mortgages to this group, thereby increasing access for the most needy of New York's senior citizens.
Fiscal implication
None to the State.
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.