|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to banks|
|Mar 01, 2011||referred to banks|
senate Bill S3671
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3671 - Details
S3671 - Summary
Provides a definition of the word "timely" for purposes of real property insurance escrow accounts.
S3671 - Sponsor Memo
BILL NUMBER:S3671 TITLE OF BILL: An act to amend the banking law, in relation to the definition of the word "timely" for real property insurance escrow accounts PURPOSE: This bill defines timely payment for the purpose of the requirements applicable to real property insurance escrow accounts maintained by mortgage investing institutions. SUMMARY OF PROVISIONS: This bill adds a new paragraph (f) to subdivision (1) (Definitions) of Section 6-k of the banking law. The new paragraph defines the term "timely" for the purposes of this section, to mean 10 days prior to the date on which real property insurance premiums are due and payable. JUSTIFICATION: Section 6-k sets forth various provisions applicable to real property insurance escrow accounts maintained by mortgage investing institutions. Such institutions are required by paragraph (a) of subdivision (2) of section 6-k to "make all payments for insurance for which they hold real property insurance escrow accounts in a timely manner." However, the standard for timely payments is not defined. Despite the
S3671 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3671 2011-2012 Regular Sessions I N S E N A T E March 1, 2011 ___________ Introduced by Sen. SMITH -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to the definition of the word "timely" for real property insurance escrow accounts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 6-k of the banking law is amended by adding a new paragraph (f) to read as follows: (F) "TIMELY" SHALL MEAN TEN DAYS PRIOR TO THE DATE ON WHICH REAL PROP- ERTY INSURANCE PREMIUMS ARE DUE AND PAYABLE. S 2. This act shall take effect on the ninetieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04667-01-1
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.