Bill > S00760

This bill authorizes reverse cooperative apartment unit loans for persons 62 years of age or older and provides additional consumer protections. The key provisions include: - Defining the terms and features of reverse cooperative apartment unit loans, such as loan payout options, authorized lenders, and borrower requirements. - Establishing requirements for reverse cooperative apartment unit loans, including disclosure provisions, counseling requirements, and restrictions on lender practices. - Requiring lenders to obtain a surety bond and maintain financial resources to ensure their ability to fulfill loan obligations. - Providing consumers with the right to cancel the loan and protections against foreclosure, including mandatory settlement conferences between lenders and borrowers. - Empowering the Superintendent of Financial Services to adopt rules and regulations governing reverse cooperative apartment unit loans. - Requiring the Superintendent to convene a working group to study the availability and experience of reverse mortgage counselors in New York. The bill aims to enable older New Yorkers to access the equity in their cooperative apartments while also safeguarding their interests through enhanced consumer protections.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2021/S760