What's happening
This bill requires the Department of Financial Services to create a website for consumers to compare reverse mortgage products.
Why it matters
Empowers consumers to make informed financial decisions. by providing side-by-side comparisons of reverse mortgage products, including costs, rates, and service features, which are often difficult to assess independently.
Promotes transparency and competition among lenders. by requiring them to submit comprehensive and competitive pricing and product details for public comparison, potentially driving down costs and improving service quality.
Reduces the risk of predatory lending and misinformation. by centralizing reliable and standardized information on a state-run platform, helping seniors and their families avoid misleading or incomplete offers.
Sets requirements for lender participation. in the comparison tool, ensuring that only lenders offering their best available terms are included, and introducing a fee for listing, which may further encourage accuracy and accountability.
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Who cares
Headline styles
Create Reverse Mortgage Website
Plain English, a few words. Used as the page title.
Sponsors
23 Co-sponsors
- Walter T. Mosley
- Ellen C. Jaffee
- Peter Abbate
- Luis R. Sepúlveda
- Steven Cymbrowitz
- Sandy Galef
- Kenneth Zebrowski
- Latoya Joyner
- Felix Ortiz
- James Skoufis
- Jose Rivera
- Michael Blake
- Deborah Glick
- Jeffrey Dinowitz
- Robert C. Carroll
- Anthony D'Urso
- Phil Steck
- Alicia Hyndman
- Diana Richardson
- Maritza Davila
- Rebecca Seawright
- David Weprin
- Kevin Cahill
History
- Referred to finance
- Delivered to senate
- Passed assembly
- Ordered to third reading cal.413
- Returned to assembly
- Died in senate
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.383
- Rules report cal.383
- Reported
Show 3 earlier actions
- Reported referred to rules
- Reported referred to ways and means
- 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.
Create Reverse Mortgage Comparison Site
In Senate Committee · Finance · Sponsor Jesse Hamilton
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5819
2017-2018 Regular Sessions
IN ASSEMBLY
February 16, 2017
Introduced by M. of A. WEINSTEIN -- read once and referred to the Committee on Judiciary
AN ACT to amend the real property law, in relation to directing the department of financial services to establish an internet website for federal home equity conversion mortgage product comparison
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The real property law is amended by adding a new section 280-c to read as follows:
§ 280-c. Federal home equity conversion mortgage comparison website. 1. For the purposes of this section, the following terms shall have the following meanings:
(a) Reverse mortgage loan. A reverse mortgage loan as defined in section two hundred eighty of this article, which is issued in the state pursuant to the home equity conversion mortgage for seniors program operated by the federal Department of Housing and Urban Development.
(b) Authorized lender. An authorized lender as defined in section two hundred eighty of this article authorized to make reverse mortgage loans, as defined in this section.
(c) Department. The department of financial services established pursuant to section one hundred two of the financial services law.
2. The department shall establish and operate a home equity conversion mortgage comparison website. Such website shall provide information to potential consumers of reverse mortgage loans, including information and comparisons on reverse mortgage loan products so as to allow consumers to make educated choices as to which authorized lenders offer the best services, terms and value based on a variety of financial circumstances. The department shall ensure that the website allows consumers to compare the cost, rate and service features of reverse mortgage loan products.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07813-02-7
A. 5819 2
3. An authorized lender may submit information on its reverse mortgage loan products to the department for inclusion on the internet website established pursuant to this section, if:
(a) the authorized lender submits complete reverse mortgage loan prices to the department;
(b) the authorized lender submits all factors relating to the reverse mortgage loans affecting future rate adjustments which may impact future debt, borrower equity or lines of credit;
(c) the prices and costs provided to the department are as low or lower than those offered under any other circumstances for a particular product; and
(d) the authorized lender submits such fee, as shall be determined by the department, for the publication of information on the website.
§ 2. This act shall take effect on the one hundred eightieth day after it shall have become a law; provided, however, that effective immediately, any actions necessary for the implementation of the provisions of this act on its effective date are authorized and directed to be completed on or before such effective date.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.