senate Bill S2505

2011-2012 Legislative Session

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to veterans, homeland security and military affairs
returned to senate
died in assembly
Jun 13, 2011 referred to judiciary
delivered to assembly
passed senate
Jun 07, 2011 advanced to third reading
Jun 06, 2011 2nd report cal.
Jun 02, 2011 1st report cal.983
Jan 24, 2011 referred to veterans, homeland security and military affairs

Votes

view votes

Jun 2, 2011 - Veterans, Homeland Security and Military Affairs committee Vote

S2505
13
0
committee
13
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Veterans, Homeland Security and Military Affairs committee vote details

Veterans, Homeland Security and Military Affairs Committee Vote: Jun 2, 2011

aye wr (1)

S2505 - Details

See Assembly Version of this Bill:
A1253
Law Section:
Public Authorities Law
Laws Affected:
Add ยง2405-f, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S5127, A4083

S2505 - Summary

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

S2505 - Sponsor Memo

S2505 - Bill Text download pdf

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

                                  2505

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 24, 2011
                               ___________

Introduced  by Sen. McDONALD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Veterans, Homeland Securi-
  ty and Military Affairs

AN ACT to amend the public authorities law, in relation  to  authorizing
  the  state  of New York mortgage agency to purchase veterans' assisted
  forward commitment mortgages from banks within the state

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

  Section  1.  The  public  authorities  law  is amended by adding a new
section 2405-f to read as follows:
  S 2405-F. PURCHASE OF VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES.
(1) IN ACCORDANCE WITH THE AUTHORITY SET FORTH  IN  SECTION  TWENTY-FOUR
HUNDRED  FIVE-B OF THIS PART, THE AGENCY MAY PURCHASE VETERANS' ASSISTED
FORWARD COMMITMENT MORTGAGES FROM BANKS AT SUCH  PRICES  AND  UPON  SUCH
TERMS AND CONDITIONS AS IT SHALL DETERMINE. IN CONDUCTING ITS PROGRAM OF
PURCHASING  VETERANS'  ASSISTED FORWARD COMMITMENT MORTGAGES, THE AGENCY
SHALL BE GOVERNED BY SECTION TWENTY-FOUR HUNDRED FIVE-B  OF  THIS  PART.
THE  BOARD  OF DIRECTORS OF THE AGENCY SHALL ESTABLISH FROM TIME TO TIME
MAXIMUM INCOME LIMITS OF PERSONS ELIGIBLE  TO  RECEIVE  SUCH  MORTGAGES,
WHICH  INCOME  LIMITS  SHALL NOT EXCEED THE LATEST MAXIMUM INCOME LIMITS
PERMITTED UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR MORT-
GAGES FINANCED BY MORTGAGE REVENUE BONDS.
  (2) FOR PURPOSES OF THIS SECTION THE FOLLOWING TERMS  SHALL  HAVE  THE
FOLLOWING MEANINGS:
  "VETERAN"  MEANS A PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL, OR
AIR SERVICE DURING A TIME OF WAR AS DEFINED BELOW, OR WHO WAS A  RECIPI-
ENT  OF  THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY MEDAL,
MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITION-
ARY MEDAL, AND WHO WAS DISCHARGED OR RELEASED THEREFROM UNDER  HONORABLE
CONDITIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01431-01-1

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