senate Bill S5396

Signed By Governor
2011-2012 Legislative Session

Relates to powers of the agency; allows agency to exercise powers when its obligations are purchased by certain financial institutions

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Archive: Last Bill Status - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2011 signed chap.575
Sep 12, 2011 delivered to governor
Jun 23, 2011 returned to senate
passed assembly
ordered to third reading rules cal.613
substituted for a7641
Jun 16, 2011 referred to housing
delivered to assembly
passed senate
Jun 01, 2011 advanced to third reading
May 25, 2011 2nd report cal.
May 24, 2011 1st report cal.824
May 17, 2011 referred to housing, construction and community development

Votes

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May 24, 2011 - Housing, Construction and Community Development committee Vote

S5396
7
1
committee
7
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: May 24, 2011

nay (1)

Co-Sponsors

S5396 - Details

See Assembly Version of this Bill:
A7641
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยงยง44 & 654, Priv Hous Fin L

S5396 - Summary

Relates to powers of the agency; allows agency to exercise powers when its obligations are purchased by certain financial institutions.

S5396 - Sponsor Memo

S5396 - Bill Text download pdf

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

                                  5396

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 17, 2011
                               ___________

Introduced by Sens. LIBOUS, YOUNG -- read twice and ordered printed, and
  when printed to be committed to the Committee on Housing, Construction
  and Community Development

AN  ACT  to amend the private housing finance law, in relation to powers
  of the agency

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

  Section  1.  Paragraph  3  of  subdivision  29-a  of section 44 of the
private housing finance law, as amended by chapter 474 of  the  laws  of
1987, is amended to read as follows:
  (3)  The  powers  granted by this subdivision may be exercised only if
(a) obligations of the agency have been issued to fund the loan made  or
purchased by the agency and such obligations have received an investment
grade  rating from a recognized rating agency [or]; (b) the loan made or
purchased by the agency is fully secured as to principal and interest by
insurance or a commitment to insure issued by  the  state  of  New  York
mortgage agency or by the general credit of a bank, national bank, trust
company,  savings bank, savings and loan association, insurance company,
governmental agency of the United States, or any combination thereof; OR
(C) OBLIGATIONS OF THE AGENCY ARE PURCHASED BY A  BANK,  NATIONAL  BANK,
TRUST  COMPANY,  SAVINGS  BANK,  SAVINGS AND LOAN ASSOCIATION, INSURANCE
COMPANY, GOVERNMENTAL AGENCY OF THE UNITED STATES, OR  ANY  WHOLLY-OWNED
SUBSIDIARY OR COMBINATION THEREOF.
  S  2.  Paragraph  3  of subdivision 23-c of section 654 of the private
housing finance law, as added by chapter 702 of the  laws  of  1992,  is
amended to read as follows:
  (3)  The  powers  granted by this subdivision may be exercised only if
(a) obligations of the corporation have been issued  to  fund  the  loan
made  or purchased by the corporation and such obligations have received
an investment grade rating from a recognized rating agency [or]; (b) the
loan made or purchased by the corporation is fully secured as to princi-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11485-01-1

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