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A05628 Summary:

SPONSORWeinstein (MS)
COSPNSRMosley, Jaffee, Abbate, Colton, Cymbrowitz, Galef, Zebrowski, Joyner, Ortiz, Glick, Dinowitz, Carroll, D'Urso, Steck, Hyndman, Richardson, Aubry, Weprin, Seawright, Abinanti, Cahill, Burke, Taylor, Lavine
MLTSPNSRCook, Englebright, Nolan, Simon, Thiele
Add 280-b, RP L
Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's rights and responsibilities under reverse mortgage loans issued under the home equity conversion mortgage program of the federal Department of Housing and Urban Development; provides that every authorized lender must provide copies of such summary not less than 5 days prior to closing on a reverse mortgage loan; establishes a private right of action for violations of such provisions.
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