senate Bill S7146

Signed By Governor
2013-2014 Legislative Session

Amends chapter 208 of the laws of 2010 and extends the provisions of chapter 208 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency

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Archive: Last Bill Status Via A9736 - 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
Aug 11, 2014 signed chap.280
Aug 01, 2014 delivered to governor
Jun 17, 2014 returned to assembly
passed senate
3rd reading cal.780
substituted for s7146
Jun 17, 2014 substituted by a9736
May 21, 2014 advanced to third reading
May 20, 2014 2nd report cal.
May 19, 2014 1st report cal.780
Apr 30, 2014 referred to housing, construction and community development

Votes

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May 19, 2014 - Housing, Construction and Community Development committee Vote

S7146
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
2
Excused
0
Abstained
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Housing, Construction and Community Development Committee Vote: May 19, 2014

excused (2)

S7146 - Bill Details

See Assembly Version of this Bill:
A9736
Law Section:
Public Authorities
Laws Affected:
Amd §2402, Pub Auth L; amd §4, Chap 208 of 2010

S7146 - Bill Texts

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Relates to the powers of the state of NY mortgage agency and extends the provisions of chapter 208 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency.

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BILL NUMBER:S7146

TITLE OF BILL: An act to amend the public authorities law, in
relation to government sponsored enterprises; and to amend chapter 208
of the laws of 2010 amending the public authorities law relating to
the powers of the state of New York mortgage agency, in relation to
extending the provisions thereof

Purpose of the Bill:

This bill would extend to July 23, 2015 legislation defining
government sponsored enterprises ("GSE") in connection with the second
lien program of the State of New York Mortgage Agency ("SONYMA"). The
bill also amends the definition of GSE to include differently
chartered entities created by Congress to replace the current GSEs in
assuming the purposes currently served by the existing GSEs.

Summary of Provisions:

Section 1 of the bill would amend the definition of GSE.

Section 2 of the bill would extend until July 23, 2015, the present
sunset date of December 31, 2014 with regard to the definition of
government sponsored enterprises.

Section 3 of the bill provides for an immediate effective date.

Existing Law:

SONYMA is authorized through December 31, 2014 to purchase second
mortgage loans made simultaneously and with respect to the same
secured property as a first or senior mortgage that is purchased by a
GSE.

GSEs are defined as privately owned, publicly chartered entities
created by Congress to encourage lending and reduce costs primarily in
the housing sector of the economy.

Prior Legislative History:

See Chapter 327 of the Laws of 2012, Chapter 208 of the Laws of 2010
and Chapter 432 of the Laws of 2009.

Statement in Support:

In 2010 SONYMA was authorized to purchase and insure second mortgages
in the following limited circumstance: where the second mortgage is
made simultaneously and with respect to the same secured property as a
first or senior mortgage that is purchased by a GSE. In 2012, SONYMA
was authorized to originate loans 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 GSE.

In order for this power to continue, the definition of GSEs, which
currently sunsets in December 2014, must be extended.


The definition also needs to be revised, since Congress is currently
considering legislation that would replace the current GSEs with a new
entity created by the federal government that would assume a number of
the purposes currently served by GSEs, but with different statutory
frameworks. If this legislation passes, the current GSE definition
would no longer cover the new, proposed entity.

In order to continue the applicability of the GSE vehicle, and permit
SONYMA to continue its programs uninterrupted, the bill would amend
the definition to cover any such successor entities, as long as those
entities are still charged with encouraging lending and reducing costs
in the housing sector.

Budget Implications:

None.

Local Impact:

None.

Effective Date:

This bill would take effect immediately.

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

                                  7146

                            I N  S E N A T E

                             April 30, 2014
                               ___________

Introduced  by Sen. YOUNG -- (at request of the New York State Homes and
  Community Renewal) -- read twice and ordered printed, and when printed
  to be committed to the Committee on Housing, Construction and Communi-
  ty Development

AN ACT to amend the public authorities law, in  relation  to  government
  sponsored  enterprises;  and  to amend chapter 208 of the laws of 2010
  amending the public authorities law relating  to  the  powers  of  the
  state  of  New  York  mortgage  agency,  in  relation to extending the
  provisions thereof

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

  Section  1.  Subdivision  17 of section 2402 of the public authorities
law, as amended by chapter 151 of the laws of 2013, is amended  to  read
as follows:
  (17)  "Government  sponsored  enterprises".  Privately owned, publicly
chartered entities, and wholly-owned corporate instrumentalities of  the
United  States  within  the department of housing and urban development,
created pursuant to 12 USC 1717(a)(2)(A), all  created  by  Congress  to
encourage  lending  and  reduce costs primarily in the housing sector of
the economy, AND ANY SUCCESSOR ENTITY OR ENTITIES CREATED BY CONGRESS TO
CONTINUE TO SERVE SAID PURPOSES.
  S 2. Section 4 of chapter 208 of the laws of 2010 amending the  public
authorities law relating to the powers of the state of New York mortgage
agency,  as  amended  by  chapter 327 of the laws of 2012, is amended to
read as follows:
  S 4. This act shall take effect immediately, provided that the  amend-
ments  to  subdivision  5  of section 2402 of the public authorities law
made by section one of this act shall be subject to the  expiration  and
reversion  of  such subdivision pursuant to section 16 of chapter 915 of
the laws of 1982, as amended, when upon  such  date  the  provisions  of
section  two  of  this act shall take effect; further provided that this
act shall expire and be deemed repealed [December  31,  2014]  JULY  23,
2015.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13818-02-4

S. 7146                             2

  S  3.  This act shall take effect immediately; provided, however, that
the amendments to subdivision 17 of section 2402 of the public  authori-
ties  law made by section one of this act shall not affect the repeal of
such subdivision and shall be deemed to be repealed therewith.

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