senate Bill S7148

2013-2014 Legislative Session

Relates to powers of the state of New York mortgage agency

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate

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

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view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 17, 2014 referred to housing
delivered to assembly
passed senate
May 21, 2014 advanced to third reading
May 20, 2014 2nd report cal.
May 19, 2014 1st report cal.781
May 01, 2014 referred to housing, construction and community development

S7148 - Details

See Assembly Version of this Bill:
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2404, Pub Auth L

S7148 - Summary

Relates to powers of the state of New York mortgage agency.

S7148 - Sponsor Memo

S7148 - Bill Text download pdf

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


                            I N  S E N A T E

                               May 1, 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 the powers of
  the state of New York mortgage agency


  Section  1.  Subdivision  9  of section 2404 of the public authorities
law, as amended by chapter 1023 of the laws of 1971, is amended to  read
as follows:
  (9)  Subject to any agreement with bondholders or noteholders, to sell
any mortgages or other personal  property  acquired  by  the  agency  at
public  or  private  sale and at such price or prices as it shall deter-
mine[, provided, however, that a private sale shall  be  limited  to  an
agency  of the federal government, the federal national mortgage associ-
ation, or a sale of a mortgage to a bank from which  it  was  originally
purchased]. If the agency determines to sell mortgages at public sale, a
notice  of such sale shall be published at least once at least five days
prior to the date of such sale  in  a  financial  newspaper  or  journal
published in the city of New York;
  S 2. This act shall take effect immediately.

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


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