New York A 1111: Relates to prohibiting the sale, trade or bartering or possession with intent to sell, trade or barter of certain wild animals or wild animal products and to the penalties imposed therefor

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 New York State Assembly

 Speaker Carl E. Heastie

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A01111 Summary:

BILL NOA01111 

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SAME ASNo Same As

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SPONSORSimon (MS)

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COSPNSRWilliams, Colton, DeStefano

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MLTSPNSRCook, Hyndman, Reyes

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Add §2405-g, Pub Auth L

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Establishes a reverse loan mortgage loan program for seniors; provides for the state of NY mortgage agency to establish many of the parameters for the implementation of the program; defines terms; requires a care needs assessment of each applicant; provides that area agencies on aging shall provide counseling and assistance to applicants; requires independent counseling in compliance with HUD regulations; directs the state of New York mortgage agency to issue an annual report to the governor and the legislature.

Go to top A01111 Actions:

BILL NOA01111 

&nbsp

01/09/2025referred to housing

01/07/2026referred to housing

Go to topA01111 Committee&nbspVotes:

Go to topA01111 Floor&nbspVotes:

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

Go to topA01111 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1111

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 9, 2025
 ___________

 Introduced by M. of A. SIMON, WILLIAMS, COLTON, DeSTEFANO -- Multi-Spon-
 sored by -- M. of A. COOK, HYNDMAN, REYES -- read once and referred
 to the Committee on Housing

 AN ACT to amend the public authorities law, in relation to establishment
 of a reverse mortgage loan program for seniors

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

 1 Section 1. Legislative findings. The legislature finds and declares
 2 that many senior citizens living in New York own their own homes and
 3 want to continue to live at home for as long as possible. Nationally,
 4 with over two trillion dollars tied up in home equity, reverse mortgages
 5 have the potential to dramatically increase the ability of seniors to
 6 pay for their long-term care and remain in their homes. Today, over
 7 eighty percent of older Americans own their own homes, seventy-three
 8 percent of which are owned free and clear of any mortgages. Unlocking
 9 these resources can help "house-rich and cash-poor" seniors purchase the
 10 long-term care services they feel best meet their needs. Private funds
 11 from reverse mortgages also can strengthen community long-term care
 12 systems and reduce the burden on state and local Medicaid budgets. The
 13 purpose of this act is to establish a reverse mortgage loan program
 14 within the state of New York mortgage agency to enable elderly homeown-
 15 ers to stay at home and pay for their long-term care.
 16 § 2. The public authorities law is amended by adding a new section
 17 2405-g to read as follows:
 18 § 2405-g. Reverse mortgage loan program for seniors. (1) Authori-
 19 zation. Notwithstanding any provision of law to the contrary, the agency
 20 is hereby authorized and directed to establish a reverse mortgage loan
 21 program for the purpose of enabling senior homeowners to use the equity
 22 in their homes to provide for their long-term care needs. The super-
 23 intendent of financial services is hereby authorized to vary any rules

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02569-01-5

 A. 1111 2

 1 and regulations pertaining to reverse mortgage loans to accommodate the
 2 needs of the program.
 3 (2) Definitions. For purposes of this section the following terms
 4 shall have the following meanings unless the context shall indicate
 5 another or different meaning or intent:
 6 (a) "program" shall mean the reverse mortgage loan program for
 7 seniors,
 8 (b) "applicant" shall mean an individual who is applying to partic-
 9 ipate in the program,
 10 (c) "borrower" shall mean an individual who is eligible to participate
 11 in the program pursuant to subdivision four of this section,
 12 (d) "reverse mortgage loan" shall mean a loan for a term of years to
 13 be determined by the agency, in which loan proceeds are advanced to a
 14 borrower in equal, monthly installments and may include an initial,
 15 one-time lump sum payment of up to five thousand dollars,
 16 (e) "loan" shall mean a reverse mortgage loan issued pursuant to the
 17 terms of this section,
 18 (f) "income" shall mean i