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A05627 Summary:

BILL NOA05627
 
SAME ASSAME AS S04408
 
SPONSORWeinstein (MS)
 
COSPNSRMosley, Jaffee, Abbate, Colton, Cymbrowitz, Galef, Zebrowski, Joyner, Ortiz, Glick, Dinowitz, Carroll, D'Urso, Steck, Hyndman, Vanel, Richardson, Aubry, Weprin, Seawright, Abinanti, Wallace, Cahill, Burke, Taylor, Otis
 
MLTSPNSRCook, Englebright, Nolan, Simon, Thiele
 
Add 280-d, RP L
 
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.
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