Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 23, 2011 |
signed chap.575 |
Sep 12, 2011 |
delivered to governor |
Jun 23, 2011 |
returned to senate passed assembly ordered to third reading rules cal.613 substituted for a7641 |
Jun 23, 2011 |
substituted by s5396 rules report cal.613 reported reported referred to rules |
Jun 17, 2011 |
reported referred to ways and means |
May 12, 2011 |
referred to housing |
Assembly Bill A7641
Signed By Governor2011-2012 Legislative Session
Sponsored By
BING
Archive: Last Bill Status Via S5396 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2011-A7641 (ACTIVE) - Details
- See Senate Version of this Bill:
- S5396
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd §§44 & 654, Priv Hous Fin L
2011-A7641 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7641 2011-2012 Regular Sessions I N A S S E M B L Y May 12, 2011 ___________ Introduced by M. of A. BING -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to powers of the agency THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subdivision 29-a of section 44 of the private housing finance law, as amended by chapter 474 of the laws of 1987, is amended to read as follows: (3) The powers granted by this subdivision may be exercised only if (a) obligations of the agency have been issued to fund the loan made or purchased by the agency and such obligations have received an investment grade rating from a recognized rating agency [or]; (b) the loan made or purchased by the agency is fully secured as to principal and interest by insurance or a commitment to insure issued by the state of New York mortgage agency or by the general credit of a bank, national bank, trust company, savings bank, savings and loan association, insurance company, governmental agency of the United States, or any combination thereof; OR (C) OBLIGATIONS OF THE AGENCY ARE PURCHASED BY A BANK, NATIONAL BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, INSURANCE COMPANY, GOVERNMENTAL AGENCY OF THE UNITED STATES, OR ANY WHOLLY-OWNED SUBSIDIARY OR COMBINATION THEREOF. S 2. Paragraph 3 of subdivision 23-c of section 654 of the private housing finance law, as added by chapter 702 of the laws of 1992, is amended to read as follows: (3) The powers granted by this subdivision may be exercised only if (a) obligations of the corporation have been issued to fund the loan made or purchased by the corporation and such obligations have received an investment grade rating from a recognized rating agency [or]; (b) the loan made or purchased by the corporation is fully secured as to princi- pal and interest by insurance or a commitment to insure by the state of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11485-01-1
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