New York S 2670: Relates to flood insurance limits

Bill Text

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S02670 Summary:

BILL NOS02670 

&nbsp

SAME ASSAME AS A02056

&nbsp

SPONSORHOYLMAN-SIGAL

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §283, RP L; amd §2, Chap of 2024 (as proposed in S.7125-A & A.5073-A)

&nbsp

Makes clarifying changes in regards to the purchase of flood insurance by mortgagors that exceeds certain limits upon a mortgagees request; amends the effectiveness thereof.

Go to top S02670 Actions:

BILL NOS02670 

&nbsp

01/22/2025REFERRED TO RULES

01/27/2025ORDERED TO THIRD READING CAL.153

02/11/2025SUBSTITUTED BY A2056

&nbspA02056 AMEND= Hunter

&nbsp01/14/2025referred to judiciary

&nbsp01/22/2025reported referred to rules

&nbsp01/22/2025reported 

&nbsp01/22/2025rules report cal.57

&nbsp01/22/2025ordered to third reading rules cal.57

&nbsp02/03/2025passed assembly

&nbsp02/03/2025delivered to senate

&nbsp02/03/2025REFERRED TO RULES

&nbsp02/11/2025SUBSTITUTED FOR S2670

&nbsp02/11/20253RD READING CAL.153

&nbsp02/11/2025PASSED SENATE

&nbsp02/11/2025RETURNED TO ASSEMBLY

&nbsp02/12/2025delivered to governor

&nbsp02/14/2025signed chap.64

Go to topS02670 Committee&nbspVotes:

Go to topS02670 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS02670 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2670

 2025-2026 Regular Sessions

 IN SENATE

 January 22, 2025
 ___________

 Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
 when printed to be committed to the Committee on Rules

 AN ACT to amend the real property law, in relation to prohibiting mort-
 gagees from requiring mortgagors of certain real property to purchase
 flood insurance exceeding certain limits; and to amend a chapter of
 the laws of 2024 amending the real property law relating to prohibit-
 ing mortgagees from requiring mortgagors of certain real property to
 purchase flood insurance exceeding certain limits, as proposed in
 legislative bills numbers S. 7125-A and A. 5073-A, in relation to the
 effectiveness thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 283 of the real property law, as added by a chapter
 2 of the laws of 2024 amending the real property law relating to prohibit-
 3 ing mortgagees from requiring mortgagors of certain real property to
 4 purchase flood insurance exceeding certain limits, as proposed in legis-
 5 lative bills numbers S. 7125-A and A. 5073-A, is amended to read as
 6 follows:
 7 § 283. Limits on amount of flood insurance required by mortgagee. No
 8 mortgagee shall require a mortgagor to whom the mortgagee makes,
 9 increases, extends, or renews any loan or line of credit secured by
 10 improved residential real property to purchase or pay for flood insur-
 11 ance on such residential real property: (1) at a coverage amount that
 12 exceeds the lesser of the replacement value of the residential real
 13 property or the outstanding principal mortgage balance as of the begin-
 14 ning of the year for which the policy shall be in effect; or (2) that
 15 includes coverage for contents. In each instance where a mortgagee
 16 requires a mortgagor to purchase or pay for flood insurance on such
 17 residential real property, the mortgagee shall provide notice to the
 18 mortgagor at the time the mortgagee is notified of the need to purchase
 19 or pay for flood insurance that states the following in clear and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02840-02-5

 S. 2670 2

 1 conspicuous print: ['Please note that the] 'The flood insurance we are
 2 requiring you to purchase [will only protect your creditor or lender's
 3 interest in your property. The insurance] may not be sufficient to pay
 4 for many needed repairs after a flood and may not compensate you for
 5 your losses in the property due to the flood. If you wish to protect
 6 your home or investment, you may wish to purchase more flood insurance
 7 than the amount we are requiring you to buy.'
 8 § 2. Section 2 of a chapter of the laws of 2024 amending the real
 9 property law relating to prohibiting mortgagees from requiring mortga-
 10 gors of certain real property to pu