What's happening
This bill requires the Department of Financial Services to create a website for consumers to compare reverse mortgage loan products in New York.
Why it matters
Improves transparency and consumer protection. By requiring detailed comparisons of reverse mortgage products, the law helps older homeowners make informed decisions, potentially reducing the risk of predatory lending or unfavorable loan terms.
Standardizes information from lenders. All participating lenders must submit complete and consistent data (including pricing, cost, and rate adjustment factors) to be displayed, making it harder for lenders to obscure true costs or hide unfavorable terms.
Encourages competitive pricing. Lenders must offer prices and costs on the website that are as low or lower than those offered elsewhere, pushing them toward better deals for consumers and reducing the likelihood of hidden fees.
Ensures ongoing oversight. The Department of Financial Services will determine participation fees and oversee the website’s operations, providing a layer of state oversight that could help maintain accuracy and completeness of information for consumers.
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Who cares
Headline styles
Create Mortgage Comparison Website
Plain English, a few words. Used as the page title.
Sponsors
20 Co-sponsors
History
- Tabled
- Vetoed memo.173
- Delivered to governor
- Returned to assembly
- Passed senateVote 62–0
- 3rd reading cal.1380
- Substituted for S3221
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.134
- Rules report cal.134
Show 5 earlier actions
- Reported
- Amend and recommit to rules 5625a
- 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 Website
Senate Floor Calendar · Sponsor James Sanders Jr.
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5625--A
2019-2020 Regular Sessions
IN ASSEMBLY
February 14, 2019
Introduced by M. of A. WEINSTEIN, MOSLEY, JAFFEE, ABBATE, CYMBROWITZ, GALEF, ZEBROWSKI, JOYNER, ORTIZ, GLICK, DINOWITZ, CARROLL, D'URSO, STECK, HYNDMAN, RICHARDSON, SEAWRIGHT, WEPRIN, CAHILL, COLTON, TAYLOR -- Multi-Sponsored by -- M. of A. COOK, ENGLEBRIGHT, GRIFFIN, NOLAN, SIMON, THIELE -- read once and referred to the Committee on Judiciary -- reported and referred to the Committee on Ways and Means -reported and referred to the Committee on Rules -- Rules Committee discharged, bill amended, ordered reprinted as amended and recommitted to the Committee on Rules
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-b to read as follows:
§ 280-b. 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00900-03-9
A. 5625--A 2
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.
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. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized to be made and 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.