|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to corporations, authorities and commissions|
|Jan 05, 2011||referred to corporations, authorities and commissions|
senate Bill S763
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S763 - Details
S763 - Sponsor Memo
BILL NUMBER:S763 TITLE OF BILL: An act to amend the public authorities law, in relation to establishing a home equity protection insurance program PURPOSE: To authorize the State of New York Mortgage Agency to institute a home equity protection insurance program whereby the agency will insure the value of residential real property against any loss thereof upon resale of the property. SUMMARY OF PROVISIONS: This bill adds a new subdivision (30) to Section 2404 of the Public Authorities Law and a new 2405-f to authorize the State of New York Mortgage Agency (SONYMA) to establish and administer a home equity protection insurance program. Under the program the agency would insure the full value of an owner-occupied one-to-four family residence, including a condominium or a cooperative. This program would be restricted to middle-and low-income persons who meet the income qualification threshold for a SONYMA forward commitment mortgage. They would not have to obtain a SONYMA mortgage to be
S763 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 763 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. YOUNG -- 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 establishing a home equity protection insurance program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 30 of section 2404 of the public authorities law, as renumbered by chapter 229 of the laws of 2007, is renumbered subdivision 31 and a new subdivision 30 is added to read as follows: (30) TO ESTABLISH AND ADMINISTER A HOME EQUITY PROTECTION INSURANCE PROGRAM IN ACCORDANCE WITH SECTION TWENTY-FOUR HUNDRED FIVE-F OF THIS PART. S 2. The public authorities law is amended by adding a new section 2405-f to read as follows: S 2405-F. HOME EQUITY PROTECTION INSURANCE PROGRAM. (1) THE AGENCY IS HEREBY DIRECTED, TO THE EXTENT IT FINDS PRACTICABLE, TO ESTABLISH A HOME EQUITY PROTECTION INSURANCE PROGRAM WHEREBY IT WILL ISSUE A COMMITMENT TO INSURE AND INSURE THE FULL VALUE OF A ONE-TO-FOUR FAMILY RESIDENCE, INCLUDING A CONDOMINIUM AND A COOPERATIVE, THAT IS OWNER-OCCUPIED BY ANY PERSON OR PERSONS WHO MEET THE INCOME QUALIFICATIONS FOR A FORWARD COMMITMENT MORTGAGE PURSUANT TO SECTION TWENTY-FOUR HUNDRED FIVE-B OF THIS PART. THE FULL VALUE OF THE RESIDENTIAL REAL PROPERTY SHALL BE DETERMINED BY EITHER ITS PURCHASE PRICE, THE PURCHASE PRICE PLUS THE COST OF ANY REHABILITATION TO THE RESIDENCE, OR AN APPRAISAL. THE INSUR- ANCE SHALL BE ISSUED BY THE AGENCY AFTER THE PURCHASE OR THE REHABILI- TATION OF THE REAL PROPERTY UPON PAYMENT OF A PREMIUM THAT THE AGENCY SHALL DETERMINE. (2) UPON THE SALE OF THE RESIDENTIAL REAL PROPERTY THAT IS INSURED BY THE AGENCY THROUGH ITS HOME EQUITY INSURANCE PROGRAM, THE AGENCY SHALL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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