On December 13, 2024, New York Governor Kathy Hochul signed Assembly Bill A5073A which immediately enacted NY Real Property Law § 283 which contains a new requirement for lenders/brokers to provide the following notice to borrowers, if applicable:
“Please note that the flood insurance we are requiring you to purchase will only protect your creditor or lender’s interest in your property. The insurance may not be sufficient to pay for many needed repairs after a flood and may not compensate you for your losses in the property due to the flood. If you wish to protect your home or investment, you may wish to purchase more flood insurance than the amount we are requiring you to buy.”
As such, Cx28044 “New York Flood Insurance Disclosure” is offered generically and is available in either/both Initial and Closing packages. Cx28044 will print under the following conditions:
State Code (2279) = New York
Flood Insurance Required (18131) = Yes
These changes are available for testing on Stage & Stage 2 servers and will take effect immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
LEG-2618
DR-167622