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NY A08030
Bill
Status
4/22/2025
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
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Defines "principal" for open-end lines of credit to include the full credit line amount, not just the amount drawn, when calculating flood insurance limits required by mortgagees
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Limits mortgagee-required flood insurance to the lesser of the replacement value of improvements on the property or the outstanding principal mortgage balance at the start of the policy year
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Prohibits mortgagees from requiring flood insurance that includes coverage for contents
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Exempts entities subject to the National Flood Insurance Act and federal banking regulations from state requirements when they require only the minimum flood insurance amounts mandated under federal law
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Takes effect on the same date as Chapter 64 of the Laws of 2025
Legislative Description
Sets the definition of "principal" for the purposes of limits on amount of flood insurance required by a mortgagee and clarifies applicability of the state law relative to certain federal programs and requirements.
Last Action
referred to judiciary
1/7/2026