---
type: "Bill"
title: "Requires lenders foreclosing upon home equity conversion reverse mortgages to provide notice to the department of financial services and the mortgagors"
description: "Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property."
jurisdiction: "us/states/ny"
legislature: "New York Legislature"
session: "2019-2020"
identifier: "S 4408"
citation: "New York S 4408 (2019-2020)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["GOUNARDES"]
version_count: 1
action_count: 23
vote_count: 5
first_action: "2019-03-11"
last_action: "2020-12-15"
source: "openstates"
source_identifier: "ocd-bill/dc295293-2ab4-41e2-a7e4-5d0b6aee9459"
source_url: "http://www.nysenate.gov/legislation/bills/2019/S4408"
source_hash: "09ce32dabd2879d7dd9f0a3768664697c05ba707b718dd204994a3c5b1888ee0"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ny"]
---

# New York S 4408 (2019-2020) — Requires lenders foreclosing upon home equity conversion reverse mortgages to provide notice to the department of financial services and the mortgagors

Requires an authorized lender which seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice thereof to the department of financial services and to the mortgagor; directs such department to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure; prohibits authorized lenders from making advance payment of debts upon the mortgaged real property.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **S4408** (committee substitute) — [source](http://assembly.state.ny.us/leg/?sh=printbill&bn=S4408&term=2019&Text=Y)

## Votes

- Floor Vote — **56–2** (pass) · upper
- Aging Vote — **7–0** (pass) · upper
- Assembly Vote — **100–42** (pass) · lower
- Aging Vote — **7–0** (pass) · upper
- Floor Vote — **58–3** (pass) · upper

## Sponsors

- GOUNARDES — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2019-03-11** REFERRED TO AGING `referral-committee`
- **2019-05-14** 1ST REPORT CAL.742
- **2019-05-15** 2ND REPORT CAL.
- **2019-05-20** ADVANCED TO THIRD READING
- **2019-05-21** PASSED SENATE `passage`
- **2019-05-21** DELIVERED TO ASSEMBLY
- **2019-05-21** REFERRED TO JUDICIARY `referral-committee`
- **2020-01-08** DIED IN ASSEMBLY
- **2020-01-08** RETURNED TO SENATE
- **2020-01-08** REFERRED TO AGING `referral-committee`
- **2020-01-22** 1ST REPORT CAL.225
- **2020-01-23** 2ND REPORT CAL.
- **2020-01-27** ADVANCED TO THIRD READING
- **2020-01-29** PASSED SENATE `passage`
- **2020-01-29** DELIVERED TO ASSEMBLY
- **2020-01-29** REFERRED TO JUDICIARY `referral-committee`
- **2020-07-21** SUBSTITUTED FOR A5627
- **2020-07-21** ORDERED TO THIRD READING RULES CAL.230
- **2020-07-22** PASSED ASSEMBLY `passage`
- **2020-07-22** RETURNED TO SENATE
- **2020-12-03** DELIVERED TO GOVERNOR `executive-receipt`
- **2020-12-15** SIGNED CHAP.337 `executive-signature`
- **2020-12-15** APPROVAL MEMO.43

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/dc295293-2ab4-41e2-a7e4-5d0b6aee9459`. Confidence: reported (aggregated from official New York legislature records).