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S04712 Summary:

BILL NOS04712
 
SAME ASSAME AS A02135
 
SPONSORKLEIN
 
COSPNSR
 
MLTSPNSR
 
Amd 280-a, RP L
 
Relates to permitting reverse mortgages for persons aged 70 and over to be secured by a cooperative unit.
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S04712 Actions:

BILL NOS04712
 
02/24/2017REFERRED TO AGING
06/15/2017COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/15/2017ORDERED TO THIRD READING CAL.1789
06/15/2017PASSED SENATE
06/15/2017DELIVERED TO ASSEMBLY
06/15/2017referred to housing
01/03/2018died in assembly
01/03/2018returned to senate
01/03/2018REFERRED TO AGING
01/30/20181ST REPORT CAL.355
02/05/20182ND REPORT CAL.
02/06/2018ADVANCED TO THIRD READING
06/13/2018PASSED SENATE
06/13/2018DELIVERED TO ASSEMBLY
06/13/2018referred to housing
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S04712 Memo:

Memo not available
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S04712 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4712
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    February 24, 2017
                                       ___________
 
        Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging
 
        AN ACT to amend the real property law, in relation to including  cooper-
          ative  unit loan dwellings as those eligible for reverse mortgages for
          persons seventy years of age or older

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph (a) of subdivision 1 of section 280-a of the real
     2  property law, as added by chapter 613 of the laws of 1993, is amended to
     3  read as follows:
     4    (a) Reverse mortgage loan. A loan which is secured by a first mortgage
     5  on real property improved by a one to four-family residence [or], condo-
     6  minium or cooperative unit that is the residence of the mortgagor(s) the
     7  proceeds  of  which  are advanced to the mortgagor(s) during the term of
     8  the loan in equal installments, or in advances through a line of  credit
     9  or otherwise, in lump sums, or through a combination thereof.
    10    § 2. This act shall take effect immediately.
 
 
 
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03795-01-7
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