|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to corporations, authorities and commissions|
|Feb 25, 2011||referred to corporations, authorities and commissions|
senate Bill S3569
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3569 - Details
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
BILL NUMBER:S3569 TITLE OF BILL: An act to amend the public authorities law, in relation to creating the New York title guaranty authority PURPOSE OR GENERAL IDEA OF BILL: It creates the New York Title Guaranty Authority. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Article 10-D of the public authorities law is amended by adding a new title 4. §3975. Section 2: 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. §3975, Section 3: The authority and its corporate existence shall continue until terminated by law, but not so long as the authority shall have bonds or other outstanding obligations in less adequate provisions for repayment have been made. §3976, Section 1: The authority shall be administered by seven directors appointed by the governor, of whom two members shall be recommended by the president of the senate, and two members shall be
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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