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NY S04629
Bill
Status
6/19/2019
Primary Sponsor
Neil Breslin
Click for details
AI Summary
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Prohibits mortgagees from requiring mortgagors to purchase flood insurance coverage amounts exceeding the outstanding mortgage balance on improved real property.
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Prohibits mortgagees from requiring mortgagors to purchase flood insurance that includes coverage for contents.
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Requires mortgagees to provide mortgagors with notice in clear and conspicuous print stating that required flood insurance only protects the lender's interest and may not be sufficient to cover flood-related repairs or losses to the property.
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Applies to mortgages made, increased, extended, or renewed by the mortgagee.
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Takes effect immediately upon enactment.
Legislative Description
Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding a coverage amount that exceeds the outstanding mortgage thereon, or that includes coverage for contents.
Last Action
RECOMMITTED TO RULES
12/28/2020