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S04407 Summary:
| BILL NO | S04407 |
| SAME AS | SAME AS A05626 |
| SPONSOR | GOUNARDES |
| COSPNSR | ADDABBO, CARLUCCI, MAY, PARKER |
| MLTSPNSR | |
| 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. | |