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

                                  5574

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2011
                               ___________

Introduced  by  M. of A. TOWNS, STEVENSON -- Multi-Sponsored by -- M. of
  A. PHEFFER -- 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.
                                                           LBD09620-01-1