dliu1/legal-llama-raw-text huggingface dataset:
holder  of  said  reverse mortgage loan shall notify the local or county
office for the aging of its intent to commence foreclosure  proceedings.
Such  entity  shall  take appropriate action to protect the interests of
the mortgagor.
(a) provide that an authorized lender  may,  consistent  with  federal
laws  and  regulations,  include  a  due-on-sale  clause  in its reverse
mortgage loan agreement and at its  option  exercise  and  enforce  such
clause in accordance with its terms;
(b)  provide  that  the  mortgagor's  closing costs, including but not
limited to loan or commitment fees if  any,  insurance  premiums,  house
repairs,  legal  fees,  the costs of annuities, the costs of third party
appropriate  costs  be included in the principal of the reverse mortgage
loan and disbursed out of the loan proceeds at closing.
made pursuant to this section. No reverse mortgage loan  shall  be  made
unless  it  conforms  to the requirements of this section and such rules
and regulations as the superintendent of financial  services  may  adopt
eighty  of  this article. A reverse mortgage loan made by any authorized
include, but are not limited to:
(a) any limitations on the  taking  of  a  percentage  of  the  future
appreciation  of the real property securing the reverse mortgage loan as
consideration for making the reverse mortgage loan;
(b) the execution by an authorized lender of a limited waiver  of  the
right of foreclosure;
(c) with the exception of the counseling statement prepared by the New
York state office for the aging pursuant to paragraph (j) of subdivision
two  of  this section, the form and contents of any disclosure statement
that authorized lenders must provide to mortgagors.
the mortgage irrespective of the date of any advance of reverse mortgage
loan  proceeds  or  the  date  by  which  an  authorized lender shall be
entitled to shared appreciation or accrued but  unpaid  interest,  fees,
otherwise affect the  priority,  under  applicable  law,  of  any  other
7.  The  sale  or  transfer  of  the  real estate securing the reverse
shall result in the termination of the reverse mortgage loan.
reverse  mortgage  may be reappraised by an independent appraiser at the
end of the loan term. If the value of the property has appreciated,  the
term  of the reverse mortgage may be extended or refinanced; however the
total reverse mortgage loan amount may not exceed such amount or loan to
value ratio as may be determined  by  the  superintendent  of  financial
services. The refinancing of the reverse mortgage loan shall be provided
by  the  original  authorized  lender  or by any other authorized lender
designated by the mortgagee.
must be insured by the mortgagor. If such insurance is purchased from or
otherwise provided by any agency of the state of New York, the mortgagor
subject to such rules and regulations as the superintendent of financial
services may adopt. The authorized  lender  shall  have  the  option  to
choose  between  refinancing  or  extending  the  reverse mortgage loan.
Subject to obtaining an adequate increase in the insurance  and  subject
to  such  rules  and  regulations  as  the  superintendent  of financial
services may adopt, the total reverse mortgage  loan  amount  shall  not
§  280-b.  Federal  home equity conversion mortgage regulation. 1. For
the purposes of  this  section,  the  following  terms  shall  have  the
(a)  Reverse  mortgage  loan.  A  reverse  mortgage loan as defined in
section two hundred eighty of this article,  which  is  issued  in  this
state  pursuant  to  the  home  equity  conversion  mortgage for seniors
program  operated  by  the  federal  Department  of  Housing  and  Urban
(b)  Authorized lender. An authorized lender as defined in section two
hundred eighty of this  article  authorized  to  make  reverse  mortgage
loans, as defined in this section.
(c)   Superintendent.   The   superintendent   of  financial  services
2.  No  authorized  lender  or  any other party or entity shall in any
manner, in the marketing or offering of reverse mortgage  loans,  engage
in any unfair or deceptive practices in connection with the marketing or
offering of reverse mortgage loans, and, additionally, shall not:
(a)  use  the  words  public service announcement in any commercial,
mailing, advertisement or writing relating thereto; or
(b) use the words government insured or other similar language in  a
manner  that falsely represents that reverse mortgage loans are insured,
supported and sponsored by any governmental entity  in  any  commercial,
(c) represent that any such loan is other than a commercial product.
3.  (a)  Every  authorized lender or its agent shall provide, with any
solicitation for reverse mortgage products mailed to a physical  address
within the state, supplemental consumer protection materials the content
and form of which shall be specified by the superintendent or his or her
designee.
(b)  Every authorized lender shall provide each applicant or potential
applicant for a reverse mortgage loan  with  the  telephone  number  and
internet  website  address provided by the federal Department of Housing
and  Urban  Development  for  the  purposes  of  acquiring  home  equity
conversion mortgage counseling.
(c)  The  superintendent  is  authorized  to promulgate such rules and
regulations  as  he  or  she  shall  deem  necessary  to  implement  the
4.  (a)  Reverse mortgages secured by residential real property within
the state shall be subject to the rules and regulations of  the  federal
Department  of Housing and Urban Development relating to the home equity
conversion mortgage program.
(b) For all borrowers whose tax payments, mortgage insurance payments,
homeowners insurance payments,  or  payments  stemming  from  any  other
property  obligation  or  obligations are administered by the authorized
lender, and where these payments are derived from the  proceeds  of  the
mortgage, the authorized lender shall provide on the borrower's periodic
account  statement  the current balance remaining in the borrower's line
of credit  or  lifetime  expectancy  set  aside,  the  projected  annual
property  charges  for  that  year, and a notice which reads in at least
twelve point type: YOUR TAXES AND INSURANCE ARE CURRENTLY BEING PAID BY
THE PROCEEDS OF THIS MORTGAGE. THE FUNDS THAT HAVE BEEN  SET  ASIDE  ARE
EXPECTED  TO  BE  EXHAUSTED  AFTER  THE  TAX  AND  INSURANCE PAYMENTS OF
(SPECIFY EXPECTED MONTH AND YEAR). IF  THE  PROCEEDS  OF  THIS  MORTGAGE
CANNOT  PAY  THE  TAXES AND INSURANCE, YOU MUST PAY THESE OBLIGATIONS OR
YOUR HOME MAY BE LOST TO  FORECLOSURE.  PLEASE  NOTE  THAT  AS  TAX  AND
INSURANCE AMOUNTS CAN VARY YOU SHOULD CONTINUE TO REVIEW THIS NOTICE FOR
(c)  An  authorized  lender  shall, by telephone and first class mail,
inform and provide notice to a mortgagor when his  or  her  home  equity
line  of  credit or life expectancy set aside is depleted to ten percent
or less of its value. Such notice shall inform the mortgagor of  his  or
her  obligations  relating  to  such  real  property  including, but not
limited to, mortgage insurance, homeowners insurance and  real  property
taxes  previously  paid  by  such  line of credit or life expectancy set
aside, and that such obligations must continue to be paid when the  home
equity  line  of  credit  or life expectancy set aside is depleted. Such
notice shall use plain language, written in a clear and coherent  manner
using  words  with  common and every day meanings, appropriately divided
and captioned by its various sections.
(d) Each authorized lender shall, by telephone and first  class  mail,
inform  and  provide  notice  to a mortgagor when his or her home equity
line of credit or life expectancy set aside  is  depleted.  Such  notice
shall  inform  the  mortgagor  of his or her obligations relating to the
mortgaged  real  property  including,  but  not  limited  to,   mortgage
insurance,  homeowners  insurance  and real property taxes, and that the
home equity line of credit or life expectancy set aside will  no  longer
pay  these obligations. Such notice shall use plain language, written in
a clear and coherent manner  using  words  with  common  and  every  day
meanings, appropriately divided and captioned by its various sections.
5.  No  authorized  lender  shall  make  an  advance  payment  for any
obligation arising from mortgaged real  property.  Furthermore,  in  the
event  a  mortgagor  defaults  upon  the  payment  of mortgage insurance
premium, homeowners' insurance premium or real property tax  related  to
the  mortgaged  property,  the  authorized  lender  may  only  pay those
premiums andor taxes which are in arrears.
6. In the event that an authorized lender  seeks  to  foreclose  on  a
reverse  mortgage  loan on the basis that the mortgaged real property is
no longer the primary residence of or  occupied  by  the  mortgagor,  if
during  the  verification  of  the  mortgagor's primary residence andor
occupancy no responses are received in  response  to  mailings  relating
thereto,  such  lender  shall  cause  a telephone call to be made to the
mortgagor, or if the mortgagor is unreachable by telephone, a designated
third-party specified by the mortgagor, and an in  person  visit  to  be
made to the mortgagor at the mortgaged real property to be made prior to
the  commencement  of any foreclosure proceeding. During such visit, the
authorized lender or its agent shall provide clear information as to who
they are, that the visit pertains to the reverse  mortgage,  the  reason
for  the  home  visit,  and  the  telephone  number  to call for further
information. The authorized  lender  must  wait  at  least  thirty  days
following  such  visit,  in  addition  to  any additional time or notice
requirements specified by any other provision of law, before  initiating
a foreclosure action on the basis that the mortgaged real property is no
longer the primary residence of the mortgagor. If the mortgagor contacts
the authorized lender and provides proof of residence or occupancy after
such  visit  but  before  the  commencement of a foreclosure action, the
authorized lender shall  be  barred  from  initiating  such  foreclosure
action.  Furthermore,  no authorized lender shall charge a mortgagor any
fee  for  any  such  visit  and  inspection.  This  prohibition  on  the
imposition  of  fees  shall include any and all inspections conducted by
the authorized lender to verify the status of the reverse  mortgage,  or
any suspected or actual default condition.
7.  Both  the authorized lender and the mortgagor shall be represented
by an attorney or attorneys at the time of the closing  on  the  reverse
mortgage,  and  each such party shall have at least one attorney present
to conduct the closing.
8. Any person who has been injured by reason of any violation of  this
section  or  any  violation  of the rules and regulations of the federal
Department of Housing and Urban Development relating to the home  equity
conversion  mortgage  program may bring an action in his or her own name
to  recover  treble  his  or  her  actual  damages,  plus the prevailing
plaintiff's reasonable attorney's fees.
9. Compliance with the provisions of this section shall be  conditions
precedent  to  commencing  an  action  to  foreclose  upon a home equity
conversion mortgage which is subject to the provisions of this  section,
and  the  failure  to  comply therewith shall be a complete defense to a
foreclosure action.
§   280-d.   Federal  home  equity  conversion  mortgage  default  and
foreclosure regulation.  1.  For  the  purposes  of  this  section,  the
following terms shall have the following meanings:
(c)  Department.  The  department  of  financial  services established
pursuant to section one hundred two of the financial services law.
2. In addition to the  requirements  of  section  one  thousand  three
hundred  four  of  the  real  property  actions  and proceedings law, an
authorized lender shall include in the notice required by  such  section
any additional information required by the department. The department is
hereby  authorized  to promulgate rules and regulations requiring that a
notice issued pursuant to subdivision  one-a  of  section  one  thousand
three  hundred  four  of  the  real property actions and proceedings law
include additional information  necessary  to  explain  the  mortgagor's
rights in a foreclosure process.
3.  In  addition  to  the  requirements  of section one thousand three
hundred six of the real  property  actions  and  proceedings  law,  each
filing with the department that relates to a reverse mortgage loan shall
include  an  affirmative statement that the lender, assignee or mortgage
loan servicer either received final approval from the federal Department
of Housing and Urban Development to accelerate the reverse mortgage loan
that is the subject of the filing or that  no  such  approval  from  the
federal Department of Housing and Urban Development is required.
4.   Authorized   lenders  shall  comply  with  all  applicable  laws,
regulations and any guidelines  issued  by  the  federal  Department  of
Housing  and  Urban Development on loss mitigation for reverse mortgages
and shall maintain policies on loss mitigation  that  shall  be  updated
when  necessary  to  ensure  compliance  with all applicable rules. Each
authorized lender shall maintain loan level  data  and  loss  mitigation
data  for  all loans associated with a repayment plan including, but not
limited to:
(a) monthly surplus income;
(b) term of repayment plan;
(c) amount of monthly repayment plan;
(d) due date of each monthly payment;
(e) when a mortgagor experiences a hardship; and
(f) the nature of the hardship.
5. Any person who has been injured by reason of any violation of  this
section may bring an action in his or her own name to recover treble his
or  her  actual  damages,  plus  the  prevailing  plaintiff's reasonable
attorney's fees.
6. The requirements of this section shall be conditions  precedent  to
commencing an action to foreclose upon a home equity conversion mortgage
which  is  subject  to  the  provisions  of this section, and failure to
comply therewith shall be a complete defense to a foreclosure action.
§  281. Credit line mortgage. 1. (a) For the purposes of this section,
a credit line mortgage shall mean any mortgage or deed of trust, other
than a mortgage or deed of  trust  made  pursuant  to  a  building  loan
contract  as  defined in subdivision thirteen of section two of the lien
law, which states that it secures  indebtedness  under  a  note,  credit
agreement  or  other financing agreement that reflects the fact that the
parties reasonably contemplate  entering  into  a  series  of  advances,
payments  and  readvances,  and  that limits the aggregate amount at any
time outstanding to a maximum amount specified in such mortgage or  deed
of  trust.  For  purposes  of this section, credit line mortgage shall
include a reverse mortgage loan  as  defined  in  sections  two  hundred
eighty  and  two  hundred  eighty-a  of  this article except that such a
credit line mortgage of the reverse mortgage  loan  type  shall  not  be
subject  to  the  twenty year limitation set forth in subdivision two of
(b) Payments made by an authorized lender pursuant to any credit  line
reverse mortgage made in accordance with section two hundred eighty-a of
this  article  during  any  one  year shall be limited to such amount or
ratio as may be determined by the superintendent of financial  services.
In  the  event  that  a borrower does not take payment under such credit
line during the course of any year then that  borrower  shall  have  the
ability to increase the yearly payments by that amount available but not
borrowed during previous years.
2.  Any credit line mortgage may, and when so expressed therein, shall
secure not only the original  indebtedness  but  also  the  indebtedness
created  by future advances thereunder made within thirty years from the
date of the  recording  of  such  credit  line  mortgage,  whether  such
advances are obligatory or are to be made at the option of the lender or
otherwise,  to  the same extent and with the same priority of lien as if
such future advances had been made at the time such credit line mortgage
was recorded pursuant to section two hundred ninety-one of this chapter,
although there may have been  no  advances  made  at  the  time  of  the
execution  and acknowledgment of such credit line mortgage, and although
there may be no indebtedness outstanding at  the  time  any  advance  is
made.  The  total  amount  of  indebtedness  that may be so secured by a
credit line mortgage may increase or decrease from time to time, but the
amount so secured at any one time shall not exceed  the  maximum  amount
specified  in  such  credit  line mortgage, plus interest thereon at the
rate provided therein, and plus any disbursements made  to  protect  the
security   of   such   credit  line  mortgage,  with  interest  on  such
disbursements at the rate provided therein.
3. Nothing in this section shall affect the priority of a  lien  under
article two of the lien law with respect to future advances made under a
credit  line  mortgage after the filing of the notice of such lien under
the lien law.
4. This section shall apply to advances made after the effective  date
of  this  section under a credit line mortgage, whether such credit line
mortgage is recorded  on  or  after,  or  was  recorded  prior  to,  the
effective date of this section.
5.  Nothing  in  this  section  shall be construed to limit, impair or
otherwise affect the priority under applicable law without reference  to
this section of a mortgage, deed of trust, encumbrance or lien which was
recorded or filed prior to the effective date of this section.
§  282.  Mortgagor's  right  to  recover attorneys' fees in actions or
proceedings arising out of  foreclosures  of  residential  property.  1.
Whenever a covenant contained in a mortgage on residential real property
shall provide that in any action or proceeding to foreclose the mortgage
that  the mortgagee may recover attorneys' fees andor expenses incurred
as the result of the failure of the mortgagor to perform any covenant or
agreement contained in such  mortgage,  or  that  amounts  paid  by  the
mortgagee therefor shall be paid by the mortgagor as additional payment,
there  shall  be implied in such mortgage a covenant by the mortgagee to
pay to the mortgagor the  reasonable  attorneys'  fees  andor  expenses
incurred  by the mortgagor as the result of the failure of the mortgagee
to perform any covenant or agreement on its part to be  performed  under
the  mortgage  or  in the successful defense of any action or proceeding
commenced by the mortgagee against the  mortgagor  arising  out  of  the
contract,  and an agreement that such fees and expenses may be recovered
as provided by law in an action commenced against the  mortgagee  or  by
way  of  counterclaim  in  any  action  or  proceeding  commenced by the
mortgagee against the mortgagor. Any waiver of  this  section  shall  be
void as against public policy.
2. For the purposes of this section, residential real property means
real property improved by a one- to four-family residence, a condominium
that is occupied by the mortgagor or a cooperative unit that is occupied
by the mortgagor.
ARTICLE 9
RECORDING INSTRUMENTS AFFECTING REAL PROPERTY
Section 290.    Definitions; effect of article.
291.    Recording of conveyances.
291-a.  Recording  conveyances  of  land  in towns in Chautauqua
county; duties of county and town clerks.
291-b.  Recording conveyances of land in  towns  in  Cattaraugus
291-c.  Recording memoranda of leases.
291-cc. 1. Recording modifications of leases.
291-d.  Recording  of  master  forms  of  mortgage covenants and
clauses; incorporation thereof by reference.
291-e.  Exceptions,  reservations  and  recitals  referring   to
unrecorded  conveyances and contracts for sale of real
291-f.  Rights  where  recorded  mortgage  restricts  landlord's
action in respect to leases.
291-g.  Recording insurance information.
291-h.  Recording of liens by the state.
291-i.  Validity of electronic recording.
291-j.  Recording  of  declarations by the New York state energy
research and development authority.
292.    By whom conveyance must be acknowledged or proved.
292-a.  Conveyances  by  certain   corporations   executed   and
acknowledged   by   attorneys   in  fact  entitled  to
recordation.
293.    Recording  of  conveyances  heretofore  acknowledged  or
proved.
294.    Recording executory contracts and powers of attorney.
294-a.  Recording assignments of rent.
294-b.  Recording brokers affidavit of entitlement to commission
for completed brokerage services.
295.    Recording of letters patent.
296.    Recording  copies  of instruments which are in secretary
of state's office.
297.    Certified copies may be recorded.
297-a.  Recording of  certified  copies  of  bankruptcy  papers;
constructive notice.
297-b.  Recording  of  certified  copies  of judgments affecting
298.    Acknowledgments and proofs within the state.
299.    Acknowledgments and proofs without the state, but within
the United States or  any  territory,  possession,  or
dependency thereof.
299-a.  Acknowledgment to conform to law of New York or of place
where taken; certificate of conformity.
300.    Acknowledgments  and  proofs  by  persons in or with the
armed forces of the United States.
301.    Acknowledgments and proofs in foreign countries.
301-a.  Acknowledgment to conform to  law  of  New  York  or  of
foreign country; certificate of conformity.
302.    Acknowledgments and proofs by married women.
303.    Requisites of acknowledgments.
304.    Proof by subscribing witness.
305.    Compelling witnesses to testify.
306.    Certificate of acknowledgment or proof.
307.    When certificate to state time and place.
308.    When certificate must be under seal.
309.    Acknowledgment by corporation and form of certificate.
309-a.  Uniform forms of certificates of acknowledgment or proof
within this state.
309-b.  Uniform  forms  of  certificates  of  acknowledgement or
proof without this state.
310.    Authentication of acknowledgments and proofs made within
311.    Authentication  of  acknowledgments  and   proofs   made
without the state.
312.    Contents of certificate of authentication.
313.    Notary public.
313-a.  Deputies.
314.    Recording  of conveyances acknowledged or proved without
the state, when parties  and  certifying  officer  are
314-a.  Proof when witnesses are dead.
315.    Recording books.
316.    Indexes.
316-a.  Indexing and reindexing conveyances, mortgages and other
316-b.  Inactive hazardous waste disposal site registry index.
317.    Order of recording.
318.    Certificate to be recorded.
319.    Time of recording.
320.    Certain deeds deemed mortgages.
321.    Recording discharge of mortgage.
321-a.  Recording discharge of rent assignment.
324.    Effect of recording assignment of mortgage.
325.    Recording   of   conveyances   made   by   treasurer  of
326.    Revocation to be recorded.
327.    Penalty for using long forms of covenants.
328.    Certain acts not affected.
329.    Actions to have certain instruments canceled of record.
329-a.  Lapse of oil and  gas  interest  within  Allegany  state
330.    Officers guilty of malfeasance liable for damages.
331.    Laws  and decrees of foreign countries appointing agents
and attorneys and recording of the same.
332.    The record of certain conveyances validated.
332-a.  Validation  of  the  record,  execution  and  proof   or
acknowledgment of certain other instruments.
332-b.  The record of certain other conveyances validated.
333.    When conveyances of real property not to be recorded.
333-a.  Same; maps to be filed.
333-b.  Recording of maps or plot plans.
333-c.  Lands in agricultural districts; disclosure.
334.    Maps to be filed; penalty for nonfiling.
334-a.  Filing of subdivision maps in Nassau county; penalty for
non-filing.
335.    Filing  of  maps  and  abandonment  of  subdivisions  in
Suffolk county; penalty for nonfiling.
335-a.  Easements of necessity.
335-b.  Recording of solar energy easements.
336.    Effect  of  recording   demands   or   requirements   of
noncitizen property custodian.