SUBJECT:

PURPOSE:

Recently, there has been an alarming increase in homeowners falling victim to home equity theft scams. These homeowners, many of whom are low- and middle-income or elderly, fall behind on their mortgages, at which point they are approached by unscrupulous individuals or businesses who promise to help solve their problems. Instead of receiving assistance, however, the homeowners are misled into transferring the title to their property. This hearing will explore these scams and address the protections offered in Assembly bill A.7667 (Nolan).

Persons wishing to present pertinent testimony to the Committee at the above hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of emergency postponement or cancellation.

Oral testimony will be limited to 10 minute durations. In preparing the order of witnesses, the Committee will attempt to accommodate individual requests to speak at particular times in view of special circumstances. These requests should be made on the attached reply form or communicated to Committee staff as early as possible. In the absence of a request, witnesses will be scheduled in the order in which reply forms are postmarked.

Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance receipt of prepared statements.

In order to further publicize these hearings, please inform interested parties and organizations of the Committee’s interest in hearing testimony from all sources.

In order to meet the needs of those who many have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities.

PUBLIC HEARING REPLY FORM

Persons wishing to present testimony at the public hearing on Home Equity Theft are requested to complete this reply form as soon as possible and mail or fax it to:

Renée Skorupski
Committee Assistant
Assembly Committee on Banks
Room 520 – Capitol
Albany, New York 12248
Email: skorupr@assembly.state.ny.us
Phone: (518) 455-4928
Fax: (518) 455-5182

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