Mortgage industry experts are closely watching a new law in New York that seeks to provide safeguards for homeowners from potential flood risks. New York’s Lieutenant Governor Kathy Hochul stated that the law is a way to protect its citizens from entering into transactions that could further expose them to flooding and associated risks.
The salient points of the law are listed below:
• Protect New York citizens from entering transactions that could further increase their exposure to flooding.
• Provide safeguards for homeowners from potential flood risks.
• Allows the state to better assess and manage risk levels related to flooding.
The mortgage industry experts unfamiliar with this law should take assurance that the New York state government is taking decisive action to ensure the safety of its citizens. This is an important development that will allow the state to assess and manage risk levels related to flooding, guaranteeing the safety and wellbeing of all those that reside within the state.
You can read this full article at: https://www.housingwire.com/articles/new-york-gov-hochul-signs-flood-risk-bill/(subscription required)
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