senate Bill S6900

Relates to the powers of the state of New York mortgage agency, to extend the provisions thereof

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 09 / Apr / 2012
    • REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
  • 20 / Jun / 2012
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 21 / Jun / 2012
    • ORDERED TO THIRD READING CAL.1469
  • 21 / Jun / 2012
    • SUBSTITUTED BY A10049

Summary

Relates to the powers of the state of New York mortgage agency and extending the provisions thereof.

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Bill Details

See Assembly Version of this Bill:
A10049
Versions:
S6900
Legislative Cycle:
2011-2012
Law Section:
Public Authorities
Laws Affected:
Amd ยง4, Chap 208 of 2010

Sponsor Memo

BILL NUMBER:S6900

TITLE OF BILL:

An act to amend chapter 208 of the laws of 2010 amending the public
authorities law relating to the powers of the state of New York mortgage
agency, in relation to extending the provisions thereof

PURPOSE OF THE BILL:

This bill would extend the sunset provision for a period of two years
legislation that established a statutory definition of government spon-
sored enterprises ("GSE") in connection with the second lien program of
the State of New York Mortgage Agency ("SONYMA"). Such legislation
authorized SONYMA to purchase second mortgage loans where the first
mortgage loan was not also purchased by SONYMA but was instead purchased
by a GSE.

SUMMARY OF PROVISIONS:

Section 1 of the bill would extend, until December 31, 2014, the present
sunset date of December 31, 2012 of the definition of government spon-
sored enterprises.

Section 2 of the bill provides for an immediate effective date.

EXISTING LAW:

SONYMA is authorized through December 31, 2012 to purchase second mort-
gage loans made simultaneously and with respect to the same secured
property as a first or senior mortgage that is purchased by a GSE.

PRIOR LEGISLATIVE HISTORY:

This definition was originally amended by Chapter 432 of the Laws of
2009 and extended by Chapter 208 of the Laws of 2010.

STATEMENT IN SUPPORT:

In 2010, SONYMA was authorized to purchase and insure second mortgages
only where the second mortgage is made simultaneously and with respect
to the same secured property as a first or senior mortgage that is
purchased by a GSE. This authority greatly helps the housing market. In
order for this authority to continue, the definition of GSEs, must be
extended.

BUDGET IMPLICATIONS:

None.

EFFECTIVE DATE:

This bill takes effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6900

                            I N  S E N A T E

                              April 9, 2012
                               ___________

Introduced  by  Sen.  YOUNG  -- (at request of the Division of Housing &
  Community Renewal) -- read twice and ordered printed, and when printed
  to be committed to the  Committee  on  Corporations,  Authorities  and
  Commissions

AN  ACT  to  amend  chapter  208 of the laws of 2010 amending the public
  authorities law relating to the powers of the state of New York  mort-
  gage agency, in relation to extending the provisions thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 4 of chapter 208 of the laws of 2010  amending  the
public  authorities  law relating to the powers of the state of New York
mortgage agency, is amended to read as follows:
  S 4. This act shall take effect immediately, provided that the  amend-
ments  to  subdivision  5  of section 2402 of the public authorities law
made by section one of this act shall be subject to the  expiration  and
reversion  of  such subdivision pursuant to section 16 of chapter 915 of
the laws of 1982, as amended, when upon  such  date  the  provisions  of
section  two  of  this act shall take effect; further provided that this
act shall expire and be deemed repealed December 31, [2012] 2014.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14300-01-2

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