senate Bill S6731

Signed By Governor
2013-2014 Legislative Session

Increases the number of land banks authorized to exist in the state to twenty

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Archive: Last Bill Status Via A8819 - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 22, 2014 signed chap.106
Jul 11, 2014 delivered to governor
Jun 10, 2014 returned to assembly
passed senate
3rd reading cal.608
substituted for s6731
Jun 10, 2014 substituted by a8819
May 14, 2014 advanced to third reading
May 13, 2014 2nd report cal.
May 12, 2014 1st report cal.608
Mar 04, 2014 referred to corporations, authorities and commissions

Votes

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May 12, 2014 - Corporations, Authorities and Commissions committee Vote

S6731
6
0
committee
6
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: May 12, 2014

S6731 - Bill Details

See Assembly Version of this Bill:
A8819
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd ยง1603, N-PC L

S6731 - Bill Texts

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Increases the number of land banks authorized to exist in the state to twenty.

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BILL NUMBER:S6731

TITLE OF BILL: An act to amend the not-for-profit corporation law, in
relation to increasing the number of land banks authorized to exist in
the state

PURPOSE OR GENERAL IDEA OF BILL:

To amend the Not-for-Profit Corporation Law to authorize the creation
of additional land banks.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends the Not-for-Profit Corporation Law to increase the
number of land banks in New York state permitted under law from ten to
twenty.

Section 2 is the effective date.

JUSTIFICATION:

Under law, only ten land banks may exist in New York State. In less
than 2 1/2 years, eight land banks have been created. Several cities,
towns and counties are currently considering the formation of land
banks. In order to empower these municipalities, New York must
increase the number of land banks permitted under law.

Land Banks are one of the most effective tools to-reduce blight and
advance community revitalization. Accordingly, the Attorney General
has committed to funding land banks through a competitive request for
applications. The first round of funding was announced this past
October. Applications for a second round of land bank funding will be
available in the summer of 2014.

By expanding the total number of potential land banks in New York,
this legislation will ensure that additional cities, towns and
counties seeking to revitalize their communities will have access to
this extremely important tool.

PRIOR LEGISLATIVE HISTORY:

This is new legislation.

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect immediately.

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

                                  6731

                            I N  S E N A T E

                              March 4, 2014
                               ___________

Introduced  by  Sen.  VALESKY -- (at request of the Attorney General) --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Corporations, Authorities and Commissions

AN  ACT  to  amend  the  not-for-profit  corporation law, in relation to
  increasing the number of land banks authorized to exist in the state

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

  Section  1. Paragraph (g) of section 1603 of the not-for-profit corpo-
ration law, as added by chapter 257 of the laws of 2011, is  amended  to
read as follows:
  (g) Nothing in this article shall be construed to authorize the exist-
ence  of  more  than [ten] TWENTY land banks located in the state at one
time, provided further that each foreclosing governmental unit or  units
proposing  to  create a land bank shall submit such local law, ordinance
or resolution as required by paragraph (a) of this section, to the urban
development corporation, for its review and approval. The creation of  a
land  bank  shall  be conditioned upon approval of the urban development
corporation.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13702-01-4

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