State/Local Legislation

The following state bills directly impact the reverse mortgage industry.

NRMLA Meets With MA Officials

January 27, 2012

NRMLA met with officials in Massachusetts to discuss concerns we have with a face-to-face counseling mandate that takes effect in August.

Puerto Rico Passes Reverse Mortgage Law October 3, 2011

The Puerto Rico legislature enacted a new consumer protection law that, among other things, imposes a duty of good faith on lenders and brokers and requires certain disclosures in connection with a reverse mortgage loan.

CA Legislature Passes Cross-Selling Legislation

August 29, 2011

The California legislature recently passed Assembly Bill 793, which seeks to protect elderly consumers by regulating the relationship between insurance brokers or agents and reverse mortgage originators.