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Assembly Bill A4623

2009-2010 Legislative Session

Authorizes the state of New York mortgage agency to restructure mortgages for dislocated workers and reservists called to active duty

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Archive: Last Bill Status - In Assembly Committee

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2009-A4623 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2404, Pub Auth L
Versions Introduced in 2011-2012 Legislative Session:
A5574

2009-A4623 (ACTIVE) - Summary

Authorizes the state of NY mortgage agency to restructure payment arrangements on mortgages for dislocated workers registered with the job service division of the labor department and U.S. armed forces reservists called to active duty by the president; provides for negotiation of such arrangements and approval by the state of New York mortgage agency.

2009-A4623 (ACTIVE) - Bill Text download pdf 

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

                                  4623

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2009
                               ___________

Introduced  by  M. of A. TOWNS, WALKER, KOLB -- Multi-Sponsored by -- M.
  of A. MARKEY, WEISENBERG -- read once and referred to the Committee on
  Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation  to  authorizing
  the state of New York mortgage agency to restructure mortgage payments
  for dislocated workers and reservists called to active duty

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

  Section 1. Section 2404 of the public authorities law  is  amended  by
adding a new subdivision 25-a to read as follows:
  (25-A)  TO RESTRUCTURE PAYMENT ARRANGEMENTS ON MORTGAGES AS DEFINED IN
THIS ARTICLE FOR (I) DISLOCATED WORKERS AS DEFINED IN  SUBDIVISION  FOUR
OF SECTION EIGHT HUNDRED THIRTY-FIVE OF THE LABOR LAW WHO ARE REGISTERED
WITH  THE  JOB  SERVICE  DIVISION  IN  THE  DEPARTMENT OF LABOR AND (II)
MEMBERS OF A RESERVE COMPONENT OF THE ARMED FORCES OF THE UNITED  STATES
WHO  HAVE  BEEN  CALLED  TO  ACTIVE  DUTY BY THE PRESIDENT OF THE UNITED
STATES. SUCH ARRANGEMENTS SHALL BE  NEGOTIATED  BETWEEN  THE  DISLOCATED
WORKER  OR  THE  RESERVIST,  AS THE CASE MAY BE, AND THE BANK IN WHICH A
MORTGAGE AS PROVIDED FOR IN THIS ARTICLE WAS OBTAINED.  THE AGENCY SHALL
APPROVE ALL SUCH REFINANCING AGREEMENTS.
  S 2. This act shall take effect on the sixtieth  day  after  it  shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01927-01-9

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