Assembly Bill A2520

2011-2012 Legislative Session

Authorizes the establishment of the home equity protection insurance program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


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

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2011-A2520 (ACTIVE) - Details

See Senate Version of this Bill:
S763
Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Amd §2404, add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4521, S1095
2013-2014: A3211, S4037
2015-2016: A3186, S2274
2017-2018: A3283, S453
2019-2020: A6948, S929
2021-2022: A5637
2023-2024: A4843

2011-A2520 (ACTIVE) - Summary

Authorizes the establishment of the home equity protection insurance program directing the agency to issue a commitment to insure and insure the full value of certain residences which are owner-occupied by persons who meet certain income qualifications.

2011-A2520 (ACTIVE) - Bill Text download pdf

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

                                  2520

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 19, 2011
                               ___________

Introduced  by M. of A. FITZPATRICK, BARCLAY -- Multi-Sponsored by -- M.
  of A. BURLING,  CONTE,  CROUCH,  GIGLIO,  McDONOUGH,  RAIA,  SALADINO,
  TEDISCO, THIELE -- read once and referred to the Committee on Housing

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
PAY THE POLICY HOLDER/OWNER THE DIFFERENCE BETWEEN THE FACE VALUE OF THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02506-01-1
              

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