Legislation has been introduced in Oregon, New York and Hawaii that would impact reverse mortgage companies.
- Oregon Senate Bill 534 caps the percentage of total equity a reverse mortgage lender could receive on a sale or transfer.
- New York Senate Bill 2559 creates a new disclosure that provides notice of the mortgagor’s rights and responsibilities under the HECM program.
- Hawaii House Bill 1306/Senate Bill 843 establishes a state-administered home equity conversion mortgage program.
Why it matters: The committee, with input from NRMLA’s outside general counsel, will carefully review each bill and discuss appropriate actions.
What’s next: While NRMLA monitors legislative activities at the federal, state and county levels, members are encouraged to notify the association if they receive any legislative updates that could impact our industry.
