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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to rules
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.
Relates to required prior notices
In Assembly Committee · Judiciary · Sponsor Helene Weinstein
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 actions and proceedings law, in relation to required prior notices
Summary of provisions
Section 1 amends paragraph (a) of subdivision 5 of section 1304 of the Real Property Actions and Proceedings Law (RPAPL), as amended by chapter 507 of 2009, to include reverse mortgage transactions in the definition of Home loans for purposes of residential foreclosures and related notices.
Sections 2 and 3 amend paragraphs (a) and (b) of subdivision 6 of section 1304 of RPAPL, as amended by part Q of chapter 73 of 2016, to include reverse mortgage transactions in the definition of Home loans for purposes of residential foreclosures and related notices.
Section 4: Sets an immediate effective date.
Justification
Reverse mortgages are not currently included in many important protections afforded residential foreclosures, including receipt of pre-foreclosure notices and entitlement to mandatory foreclosure settlement conferences.
Practitioners have been experiencing a rise in reverse mortgage foreclosures. Recent media coverage has confirmed this uptick in residential foreclosures against homeowners with reverse mortgages. The coverage also highlights the exploitation by lenders of the vulnerabilities of the elderly. See "Taking out a reverse mortgage ruined my life" New York Post, July 23, 2016; and "New York Launches Reverse Mortgage Probe" New York Post, July 29, 2016.
Reverse mortgages are only available to senior citizens, and without the equal protections of our laws, these financially vulnerable homeowners have little recourse when faced with foreclosures filed by their lenders. All homeowners should have the same protections of New York's foreclosure laws, including those with reverse mortgages. This measure would fill the current gap in our laws.
Legislative history
New Bill, 2016.
Fiscal implications for state and local governments
None.
Effective date
Immediately, with amendments to take effect on the same date as amendments to the related RPAPL subdivision take effect pursuant to section 6 of Part Q of chapter 73 of the laws of 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.