We were recently made aware of LAWS OF NEW YORK, 2024 - CHAPTER 557 that took effect immediately.

Just curious, where are you putting this language:

In each instance where a mortgagee
requires a mortgagor to purchase or pay for flood insurance on such
residential real property, the mortgagee shall provide notice to the
mortgagor at the time the mortgagee is notified of the need to purchase
or pay for flood insurance that states the following in clear and
conspicuous print: 'Please note that the flood insurance we are requir-
ing 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.'
§ 2. This act shall take effect immediately.


Here is the ACT:


LAWS OF NEW YORK, 2024 CHAPTER 557 AN ACT to amend the real property law, in relation to prohibiting mort- gagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits Became a law December 13, 2024, with the approval of the Governor. Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:
Section 1. The real property law is amended by adding a new section 283 to read as follows:
§ 283. Limits on amount of flood insurance required by mortgagee. No
mortgagee shall require a mortgagor to whom the mortgagee makes,
increases, extends, or renews any loan or line of credit secured by
improved residential real property to purchase or pay for flood insur-
ance on such residential real property: (1) at a coverage amount that
exceeds the outstanding principal mortgage balance as of the beginning
of the year for which the policy shall be in effect; or (2) that
includes coverage for contents. In each instance where a mortgagee
requires a mortgagor to purchase or pay for flood insurance on such
residential real property, the mortgagee shall provide notice to the
mortgagor at the time the mortgagee is notified of the need to purchase
or pay for flood insurance that states the following in clear and
conspicuous print: 'Please note that the flood insurance we are requir-
ing 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.'
§ 2. This act shall take effect immediately. The Legislature of the STATE OF NEW YORK
ss:
Pursuant to the authority vested in us by section 70-b of the Public Officers Law, we hereby jointly certify that this slip copy of this session law was printed under our direction and, in accordance with such section, is entitled to be read into evidence. ANDREA STEWART-COUSINS CARL E. HEASTIE
Temporary
President
of
the
Senate
Speaker
of
the
Assembly
EXPLANATION--Matter in
italics
is new; matter in brackets [
] is old law to be omitted.

here is the link: https://legislation.nysenate.gov/pdf/bills/2023/a5073a

the mortgagee shall provide notice to the mortgagor at the time the mortgagee is notified of the need to purchase or pay for flood insurance

Why not just incorporate it into the Notice of special flood hazards and availability of Federal disaster relief assistance notice you send them.

yeah, i reached out to our flood vendor to see if they can do it. thanks!

No mortgagee shall require a mortgagor to whom the mortgagee makes, increases, extends, or renews any loan or line of credit secured by improved residential real property to purchase or pay for flood insurance on such residential real property: (1) at a coverage amount that exceeds the outstanding principal mortgage balance as of the beginning of the year for which the policy shall be in effect; or (2) that includes coverage for contents.

I hope everyone's security instruments excludes anything that could be considered contents under an NFIP policy and contents are never taken as collateral.

It would have been nice if the entity that supervises and regulates banks in New York had put anything out about this!

Thank you for sharing!

Well, it was just passed on December 13th, and it was effective immediately.

i know, it caught everyone off guard!

I also see the bill went to the Assembly back in March 2023!

Do you mind sharing how you were made aware of this, i.e., was it a resource I need to add to my list!

I have a AllRegs subscription and get notices on all State law changes.

Thanks, Randy!

This is helpful, thanks Randy! Happy Holidays!