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A05627 Summary:
| BILL NO | A05627 |
| SAME AS | SAME AS S04408 |
| SPONSOR | Weinstein (MS) |
| COSPNSR | Mosley, 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 |
| MLTSPNSR | Cook, 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. | |