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Assembly Bill A9734

2013-2014 Legislative Session

Relates to powers of the state of New York mortgage agency

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Archive: Last Bill Status - In Assembly Committee

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2013-A9734 (ACTIVE) - Details

See Senate Version of this Bill:
S7148
Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2404, Pub Auth L

2013-A9734 (ACTIVE) - Summary

Relates to powers of the state of New York mortgage agency.

2013-A9734 (ACTIVE) - Bill Text download pdf 

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

                                  9734

                          I N  A S S E M B L Y

                              May 20, 2014
                               ___________

Introduced by M. of A. WRIGHT -- (at request of the New York State Homes
  and  Community  Renewal) -- read once and referred to the Committee on
  Housing

AN ACT to amend the public authorities law, in relation to the powers of
  the state of New York mortgage agency

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

  Section  1.  Subdivision  9  of section 2404 of the public authorities
law, as amended by chapter 1023 of the laws of 1971, is amended to  read
as follows:
  (9)  Subject to any agreement with bondholders or noteholders, to sell
any mortgages or other personal  property  acquired  by  the  agency  at
public  or  private  sale and at such price or prices as it shall deter-
mine[, provided, however, that a private sale shall  be  limited  to  an
agency  of the federal government, the federal national mortgage associ-
ation, or a sale of a mortgage to a bank from which  it  was  originally
purchased]. If the agency determines to sell mortgages at public sale, a
notice  of such sale shall be published at least once at least five days
prior to the date of such sale  in  a  financial  newspaper  or  journal
published in the city of New York;
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13820-01-4

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