|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Aug 11, 2014||
|Aug 01, 2014||
delivered to governor
|Jun 17, 2014||
returned to assembly
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
senate Bill S7146Signed By Governor
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
Archive: Last Bill Status Via A9736 - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
view actions (11)
Jun 17, 2014 - floor VoteA9736580floor58Aye0Nay0Absent3Excused0Abstained
show floor vote details
Floor Vote: Jun 17, 2014aye (58)
May 19, 2014 - Housing, Construction and Community Development committee VoteS714670committee7Aye0Nay0Aye with Reservations0Absent2Excused0Abstained
- show floor vote details
S7146 - Bill Details
- See Assembly Version of this Bill:
- Law Section:
- Public Authorities
- Laws Affected:
- Amd §2402, Pub Auth L; amd §4, Chap 208 of 2010
S7146 - Bill Texts
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.
view sponsor memo
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.
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
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.
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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