Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 17, 2014 |
referred to housing delivered to assembly passed senate |
May 21, 2014 |
advanced to third reading |
May 20, 2014 |
2nd report cal. |
May 19, 2014 |
1st report cal.781 |
May 01, 2014 |
referred to housing, construction and community development |
Senate Bill S7148
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
2013-S7148 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9734
- Current Committee:
- Assembly Housing
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §2404, Pub Auth L
2013-S7148 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7148 TITLE OF BILL: An act to amend the public authorities law, in relation to the powers of the state of New York mortgage agency Purpose of the Bill: The bill would grant the State of New York Mortgage Agency ("SONYMA" or "Agency") authority to sell its mortgages at private sales. Summary of Provisions: Section 1 of the bill would amend Section 2404(9) of the 'Public Authorities Law to remove the limitation on the Agency's authority to sell mortgages at private sales. Section 2 of the bill provides for an immediate effective date. Existing Law: SONYMA can only sell mortgages in private sales to an agency of the federal government, the Federal National Mortgage Association or to a bank from which it has purchased loans. Legislative History:
2013-S7148 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7148 I N S E N A T E May 1, 2014 ___________ Introduced by Sen. YOUNG -- (at request of the New York State Homes and Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Communi- ty Development AN ACT to amend the public authorities law, in relation to the powers of the state of New York mortgage agency THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 9 of section 2404 of the public authorities law, as amended by chapter 1023 of the laws of 1971, is amended to read as follows: (9) Subject to any agreement with bondholders or noteholders, to sell any mortgages or other personal property acquired by the agency at public or private sale and at such price or prices as it shall deter- mine[, provided, however, that a private sale shall be limited to an agency of the federal government, the federal national mortgage associ- ation, or a sale of a mortgage to a bank from which it was originally purchased]. If the agency determines to sell mortgages at public sale, a notice of such sale shall be published at least once at least five days prior to the date of such sale in a financial newspaper or journal published in the city of New York; S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13820-01-4
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