New York passed a bill amending recently enacted flood insurance requirements and restrictions for mortgage lenders and servicers. In December, 2024, New York passed a bill enacting flood insurance requirements and restrictions for mortgage lenders and servicers. The original bill restricted the amount of coverage a borrower may be required to purchase or pay for flood insurance, and mandated a flood insurance disclosure be provided to a borrower when the borrower is required to purchase or pay for flood insurance. This new bill, amends the amount the borrower may be required to purchase or pay for flood insurance, and modifies the required language of the flood insurance disclosure. The new bill also extended the effective date of the original bill from December 13, 2024 to March 13, 2025.
Click to view the NY AB 2056: https://www.tenaco.com/wp-content/uploads/2025/02/NY-AB-2056-02-15-25.pdf
