Amendment ID: S21-15-R1

Redraft Amendment 15

Reverse Mortgages

Messrs. Tarr and Joyce move to amend the amendment by inserting at the end thereof the following new section:-

Section_: The secretary of elder affairs and the undersecretary of consumer affairs and business regulation in consultation with relevant stakeholders, shall review the necessity and desirability of in-person and telephonic methods with respect to reverse mortgage counseling to ensure proper protections for eligible seniors. Such review will include but not be limited to the advisability and overall protections for seniors, availability, costs, and convenience of counseling opportunities, and full compliance with all federal lending laws.

The secretary of elder affairs and the undersecretary of consumer affairs and business regulation shall file the report with the clerks of the house and senate and to the house and senate committees of ways and means within 60 days of the passage of this act.