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A05820 Summary:

COSPNSRMosley, Abbate, Colton, Cymbrowitz, Galef, Zebrowski, Joyner, Ortiz, Rivera, Blake, Glick, Dinowitz, Carroll, D'Urso, Steck, Hyndman, Richardson, Davila, Aubry, Seawright, Abinanti, Wallace, Cahill, Lupardo
MLTSPNSRCook, Englebright, Nolan, Simon, Thiele
Add 280-b, RP L
Provides for the regulation of reverse mortgages that are issued under the federal home equity conversion mortgage program; prohibits the deceptive advertising and issuance of such mortgages; requires that independent counseling be provided to applicants for such mortgages; requires lenders to provide notice of duty of mortgagor to pay certain property related expenses when equity in the real property is low or depleted; prohibits foreclosure on mortgaged property based on the failure of the mortgagor to live on the property, until an inspection has been made at the property; establishes a proved right of action with treble damages for violations of such provisions.
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