Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 12, 2013 |
signed chap.151 |
Jul 02, 2013 |
delivered to governor |
Jun 19, 2013 |
returned to senate passed assembly ordered to third reading rules cal.480 substituted for a7833 |
Jun 17, 2013 |
referred to ways and means delivered to assembly passed senate |
Jun 10, 2013 |
amended on third reading 4399a |
May 08, 2013 |
advanced to third reading |
May 07, 2013 |
2nd report cal. |
May 06, 2013 |
1st report cal.543 |
Mar 26, 2013 |
referred to corporations, authorities and commissions |
Senate Bill S4399A
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
Bill Amendments
2013-S4399 - Details
- See Assembly Version of this Bill:
- A7833
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §§2402 & 2404, Pub Auth L
2013-S4399 - Sponsor Memo
BILL NUMBER:S4399 TITLE OF BILL: An act to amend the public authorities law, in relation to the powers of the state of New York mortgage agency Purpose of Bill: This bill would (i) authorize the State of New York Mortgage Agency (SONYMA) to originate second mortgage loans that provide borrowers of SONYMA first mortgage loans with down payment and/or closing cost assistance under certain limited circumstances, and (ii) amend the definition of government sponsored enterprise (GSE). Summary of provisions: Section 1 of the bill expands the definition of "mortgage" in Public Authorities Law (PAL) § 2402(5) to include loans made by SONYMA and secured by mortgages secured by a second lien in cases where the second lien: (i) secures a mortgage loan purchased by SONYMA, and (ii) is made at the same time as a first lien securing a mortgage loan purchased by SONYMA pursuant to its programs or by a government sponsored enterprise. Section 2 of the bill amends the definition of "government sponsored enterprise" set forth in PAL § 2402 (17) to include Government National Mortgage Association (Ginnie Mae).
2013-S4399 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4399 2013-2014 Regular Sessions I N S E N A T E March 26, 2013 ___________ Introduced by Sen. YOUNG -- (at request of the Division of Housing & Community Renewal) -- 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 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 5 of section 2402 of the public authorities law, as amended by section 1 of chapter 208 of the laws of 2010, is amended to read as follows: (5) "Mortgage". A loan owed to a bank secured by a first lien on a fee simple or leasehold estate in real property located in the state and improved by a residential structure, whether or not insured or guaran- teed by the United States of America or any agency thereof. The term "mortgage" shall also include a loan owed to a bank secured by a second lien on a fee simple or leasehold estate in real property located in the state and improved by a residential structure, whether or not insured or guaranteed by the United States of America or any agency thereof, provided, however, that such second lien: (a) secures a loan purchased by the agency, and (b) is made at the same time as a first lien securing a loan purchased by the agency pursuant to its programs or by a govern- ment sponsored enterprise or is made at the same time as a new housing loan purchased by the agency pursuant to section twenty-four hundred five-c of this part[, provided that, in]. THE TERM "MORTGAGE" SHALL ALSO INCLUDE LOANS MADE BY THE AGENCY AND SECURED BY MORTGAGES SECURED BY A SECOND LIEN IN CASES WHERE THE SECOND LIEN: (I) SECURES A MORTGAGE LOAN PURCHASED BY THE AGENCY, AND (II) IS MADE AT THE SAME TIME AS A FIRST LIEN SECURING A MORTGAGE LOAN PURCHASED BY THE AGENCY PURSUANT TO ITS PROGRAMS OR BY A GOVERNMENT SPONSORED ENTERPRISE. IN the case of any second lien PURCHASED OR MADE HEREUNDER, the mortgagor shall be obli- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09086-01-3
2013-S4399A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7833
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §§2402 & 2404, Pub Auth L
2013-S4399A (ACTIVE) - Sponsor Memo
BILL NUMBER:S4399A TITLE OF BILL: An act to amend the public authorities law, in relation to the powers of the state of New York mortgage agency Purpose of Bill: This bill would (i) authorize the State of New York Mortgage Agency (SONYMA) to originate second mortgage loans that provide borrowers of SONYMA first mortgage loans with down payment and/or closing cost assistance under certain limited circumstances, and (ii) amend the definition of government sponsored enterprise (GSE). Summary of provisions: Section 1 of the bill expands the definition of "mortgage" in Public Authorities Law (PAL) § 2402(5) to include loans made by SONYMA and secured by mortgages secured by a second lien in cases where the second lien: (i) secures a mortgage loan purchased by SONYMA, and (ii) is made at the same time as a first lien securing a mortgage loan purchased by SONYMA pursuant to its programs or by a government sponsored enterprise. Section 2 of the bill amends the definition of "government sponsored enterprise" set forth in PAL § 2402 (17) to include Government National Mortgage Association (Ginnie Mae).
2013-S4399A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4399--A Cal. No. 543 2013-2014 Regular Sessions I N S E N A T E March 26, 2013 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading 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 5 of section 2402 of the public authorities law, as amended by section 1 of chapter 208 of the laws of 2010, is amended to read as follows: (5) "Mortgage". A loan owed to a bank secured by a first lien on a fee simple or leasehold estate in real property located in the state and improved by a residential structure, whether or not insured or guaran- teed by the United States of America or any agency thereof. The term "mortgage" shall also include a loan owed to a bank secured by a second lien on a fee simple or leasehold estate in real property located in the state and improved by a residential structure, whether or not insured or guaranteed by the United States of America or any agency thereof, provided, however, that such second lien: (a) secures a loan purchased by the agency, and (b) is made at the same time as a first lien securing a loan purchased by the agency pursuant to its programs or by a govern- ment sponsored enterprise or is made at the same time as a new housing loan purchased by the agency pursuant to section twenty-four hundred five-c of this part[, provided that, in]. THE TERM "MORTGAGE" SHALL ALSO INCLUDE LOANS MADE BY THE AGENCY AND SECURED BY A SECOND LIEN ON A FEE SIMPLE OR LEASEHOLD ESTATE IN REAL PROPERTY LOCATED IN THE STATE AND IMPROVED BY A RESIDENTIAL STRUCTURE, WHETHER OR NOT INSURED OR GUARAN- TEED BY THE UNITED STATES OF AMERICA OR ANY AGENCY THEREOF, PROVIDED HOWEVER, THAT THE LOAN MADE BY THE AGENCY AND SECURED BY SUCH SECOND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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