Assembly Bill A7641

Signed By Governor
2011-2012 Legislative Session

Relates to powers of the agency; allows agency to exercise powers when its obligations are purchased by certain financial institutions

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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

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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) - Summary

Relates to powers of the agency; allows agency to exercise powers when its obligations are purchased by certain financial institutions.

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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