S1541 (2023-24 session)
NY State bill
Provides for the establishment of the New York state home equity conversion information summary to provide notice of mortgagor's right 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.
- Title
- Provides for the establishment of the New York state home equity conversion information summary
- Type
- New York State Senate bill
- Session
- 2023-24 session
- Status
- In Senate Committee
- Latest action date
- 2024-01-03
- In committee
- Aging
- Introduced
- 2023-01-12
- Law section
- Real Property Law
Sponsors
- Leroy Comrie State Senator, District 14
Heard in committee
- Aging NY State Senate committee