senate Bill S4399A

Signed By Governor
2013-2014 Legislative Session

Relates to the powers of the State of New York Mortgage Agency

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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 (14)
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

Votes

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May 6, 2013 - Corporations, Authorities and Commissions committee Vote

S4399
5
0
committee
5
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show committee vote details

Committee Vote: May 6, 2013

excused (1)

Bill Amendments

Original
A (Active)
Original
A (Active)

S4399 - Details

See Assembly Version of this Bill:
A7833
Law Section:
Public Authorities Law
Laws Affected:
Amd §§2402 & 2404, Pub Auth L

S4399 - Summary

Relates to the powers of the State of New York Mortgage Agency.

S4399 - Sponsor Memo

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

S4399A (ACTIVE) - Details

See Assembly Version of this Bill:
A7833
Law Section:
Public Authorities Law
Laws Affected:
Amd §§2402 & 2404, Pub Auth L

S4399A (ACTIVE) - Summary

Relates to the powers of the State of New York Mortgage Agency.

S4399A (ACTIVE) - Sponsor Memo

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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