senate Bill S3569

2011-2012 Legislative Session

Creates the New York title guaranty authority

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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to corporations, authorities and commissions
Feb 25, 2011 referred to corporations, authorities and commissions

S3569 - Details

See Assembly Version of this Bill:
A2015
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Add Art 10-D Title 4 §§3974 - 3980, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S6290, A9445A

S3569 - Summary

Creates the New York title guaranty authority to initiate and operate a program which shall offer guaranties of real property titles in this state.

S3569 - Sponsor Memo

S3569 - Bill Text download pdf

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

                                  3569

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 25, 2011
                               ___________

Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT to amend the public authorities law, in relation to creating the
  New York title guaranty authority

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

  Section  1.  Article  10-D of the public authorities law is amended by
adding a new title 4 to read as follows:
                                 TITLE 4
                    NEW YORK TITLE GUARANTY AUTHORITY
SECTION 3974. SHORT TITLE.
        3975. NEW YORK TITLE GUARANTY AUTHORITY.
        3976. ADMINISTRATION OF THE AUTHORITY.
        3977. GENERAL POWERS OF THE AUTHORITY.
        3978. SPECIAL POWERS OF THE AUTHORITY.
        3979. NEW YORK TITLE GUARANTY FUND.
        3980. PARTICIPATING ATTORNEYS.
  S 3974. SHORT TITLE. THIS ACT SHALL BE KNOWN AND MAY BE CITED  AS  THE
"NEW YORK TITLE GUARANTY AUTHORITY ACT".
  S  3975. NEW YORK TITLE GUARANTY AUTHORITY. 1. THERE IS HEREBY CREATED
THE NEW YORK TITLE GUARANTY AUTHORITY, TO INITIATE AND OPERATE A PROGRAM
WHICH SHALL OFFER GUARANTIES OF REAL PROPERTY TITLES IN THIS STATE.  THE
AUTHORITY  SHALL  BE A CORPORATE GOVERNMENTAL AGENCY AND INSTRUMENTALITY
OF THE STATE CONSTITUTING A PUBLIC BENEFIT CORPORATION.
  2. IN ACCORDANCE WITH THE PROVISIONS OF THIS TITLE, THE AUTHORITY  MAY
ISSUE BONDS ONLY TO FINANCE COSTS, INCLUDING THE FUNDING OF BONDS ISSUED
BY  THE  AUTHORITY  TO  FINANCE  COSTS, AND FUND RESERVES TO SECURE SUCH
BONDS.
  3. THE AUTHORITY AND ITS  CORPORATE  EXISTENCE  SHALL  CONTINUE  UNTIL
TERMINATED  BY  LAW,  PROVIDED,  HOWEVER, THAT NO SUCH TERMINATION SHALL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05046-01-1

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