Requires lenders foreclosing upon home equity conversion reverse mortgages to provide notice to the department of financial services and the mortgagors
It became law on Dec 15, 2020.
- Stage
- Became law
- Started in
- Senate
- Sponsor
- GOUNARDES
- Latest action
- Dec 15, 2020
What it does
Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.
Where it stands
This bill passed and is now law.
Introduced (Done)
Committee (Done)
Floor (Done)
Law (Done)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
- GOUNARDES
In the news
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Where it goes next
It is law in New York. What happens now is up to the agency that carries it out, the courts, and the place itself.