NY S08177

Removes the exclusion of "reverse mortgage transactions" from the definition of "home loan" in subdivision 5 of section 1304 of the Real Property Actions and Proceedings Law.

Removes the exclusion of "reverse mortgage transactions" from the definition of "home loan" in subdivision 6(a) of section 1304 of the Real Property Actions and Proceedings Law.

Removes the exclusion of "reverse mortgage transactions" from the definition of "home loan" in subdivision 6(b) of section 1304 of the Real Property Actions and Proceedings Law.

Takes effect immediately, with amendments to subdivision 6 subject to the expiration and reversion dates established in chapter 507 of the laws of 2009 and chapter 73 of the laws of 2016.