senate Bill S7162

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 Via A9735 - 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
Jun 30, 2014 signed chap.68
delivered to governor
Jun 17, 2014 returned to assembly
passed senate
3rd reading cal.782
substituted for s7162
Jun 17, 2014 substituted by a9735
May 21, 2014 advanced to third reading
May 20, 2014 2nd report cal.
May 19, 2014 1st report cal.782
May 01, 2014 referred to housing, construction and community development

Votes

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

S7162
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)

S7162 - Bill Details

See Assembly Version of this Bill:
A9735
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง5, Chap 246 of 2010

S7162 - Bill Texts

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Relates to the powers of the state of New York mortgage agency and extending the provisions thereof.

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BILL NUMBER:S7162

TITLE OF BILL: An act to amend chapter 246 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 from June 30, 2014 to July 23, 2015 legislation
granting the State of New York Mortgage Agency-Mortgage Insurance Fund
("MIF") authority to insure the full principal amount of certain
preservation loans.

Summary of Provisions:

Section 1 of the bill would extend until July 23, 2015, the present
sunset date of June 30, 2014 with the authorization of MIF to provide
one hundred percent mortgage insurance on certain loans extended for
the sole purpose of refinancing existing indebtedness which relate to
over leveraged multi-family residential buildings.

Section 2 of the bill provides for an immediate effective date.

Existing Law:

MIF is authorized through June 30, 2014 to provide one hundred percent
mortgage insurance on certain loans extended for the sole purpose of
refinancing existing indebtedness which relate to over leveraged
multi-family residential buildings.

Prior Legislative History:

See Chapter 162 of the Laws of 2012 and Chapter 246 of the Laws of
2010.

Statement in Support:

This bill would extend for two years MIF's authority to provide one
hundred percent mortgage insurance on certain loans extended for the
sole purpose of refinancing existing indebtedness which relate to over
leveraged multi-family residential buildings. In order for this power
to continue to be exercisable by the MIF, the sunset provision, which
currently sunsets on June 30, 2014, must be extended.

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
________________________________________________________________________

                                  7162

                            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 chapter 246 of the laws  of  2010  amending  the  public
  authorities  law relating to the powers of the state of New York mort-
  gage 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.  Section 5 of chapter 246 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  162 of the laws of 2012, is
amended to read as follows:
  S 5. This act shall take effect immediately and shall  expire  and  be
deemed  repealed   on and after [June 30, 2014] JULY 23, 2015; provided,
however, that the amendments  to  paragraph  (c)  of  subdivision  8  of
section  2428  of the public authorities law made by section two of this
act shall not affect the expiration of such  subdivision  and  shall  be
deemed to expire therewith.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13822-01-4

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