NY State Senate Bill 2015-S5474B

Archive: Last Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 16, 2016	print number 5474b
Jun 16, 2016	amend and recommit to rules
Jun 08, 2016	reported and committed to rules
Apr 20, 2016	print number 5474a
Apr 20, 2016	amend and recommit to finance
Jan 06, 2016	referred to finance
May 14, 2015	referred to finance

Votes

- Jun 8, 2016 - Finance Committee Vote
  S5474B
  
  31
  
  Aye
  
  0
  
  Nay
  
  4
  
  Aye with Reservations
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: Jun 8, 2016
      
      aye (31)
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Dilan
      
      Golden
      
      Griffo
      
      Hannon
      
      Hassell-Thompson
      
      Kaminsky
      
      Kennedy
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Martins
      
      Montgomery
      
      Nozzolio
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Savino
      
      Squadron
      
      Stavisky
      
      Valesky
      
      Young
      
      aye wr (4)
      
      Gallivan
      
      Marchione
      
      O'Mara
      
      Seward
      
      excused (2)
      
      Diaz
      
      Espaillat

Bill Amendments

Original

B (Active)

co-Sponsors

2015-S5474 - Details

Current Committee:: Senate Rules
Law Section:: State Finance Law
Laws Affected:: Add §99-z, St Fin L
Versions Introduced in 2017-2018 Legislative Session:: S1339

2015-S5474 - Summary

Relates to establishing the community restoration fund.

2015-S5474 - Sponsor Memo

                                BILL NUMBER:S5474

TITLE OF BILL:

An act to amend the state finance law, in relation to establishing the
community restoration fund

PURPOSE:

To use funds from judgments and settlements received in cases with
lending institutions relating to subprime and predatory lending, and
other mortgage and real estate industry practices to help communities
recover from the foreclosure crisis and keep homeowners in their home

SUMMARY OF PROVISIONS:

Section 1 sets forth a statement of legislative purpose and findings

Section 2 sets forth definitions of terms in this section.

Section 3 adds a new section 99-x to state finance law to establish
the community restoration fund from monies obtained by the Attorney
General in cases involving lending institutions for subprime and
predatory loans, mortgage servicing and other claims, to provide
powers and duties to fund and program managers, create a community
restoration fund counsel to advise in performance of said duties and

powers, outline use of funds.

Section 4 establishes the Community restoration fund council, sets
forth its purpose and scope and its membership.

Section 5 sets forth the requirements for the annual report.

Section 6 provides that urban development corporation is authorized to
conduct a rulemaking to promulgate any rules necessary to carry forth
the purpose of this legislation that must be completed within 180 days
of the effective date of this act.

Section 7 sets forth the effective date.

JUSTIFICATION:

In the early 2000's the economy was moving along and homes sales and
loan approvals were occurring in record numbers as people felt secure
in reaching for the American Dream of homeownership. However, in 2008
the bubble burst and many questionable tactics were uncovered showing
how loans were being given to people in high risk of foreclosure. When
the mortgage crisis occurred foreclosures sky rocketed. While much of
the country has recovered New York is still suffering.

A report by the Empire Justice Center found that while in 2014 the
national foreclosure rate fell to 2.1%, in New York the foreclosure
rate was 5.4%. In addition, the state delinquency rate is a full point
higher than the national delinquency rate. The report confirmed that
New York is still fighting this crisis and will be for some time.


Many of these foreclosures were based upon mortgages practices that
are coming under question and have resulted and will continue to
result in settlements to New York State. The state must use this money
toward helping those that were harmed by the actions of the lending
institutions. This legislation will create a statewide mechanism for
keeping New Yorker's in their homes by modifying underwater mortgages,
purchased distressed assets and improving them, injecting funds into
our communities and increasing the values of homes throughout New York
state.

LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS:

None. The fund does not affect the state budget because it is funded
by settlement proceeds and judgment collection from the attorney
general.

EFFECTIVE DATE:

This act shall take effect immediately.

2015-S5474 - Bill Text download pdf

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

                                  5474

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law, in relation to  establishing  the
  community restoration fund

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

  Section 1. Statement of legislative purpose and findings. The legisla-
ture finds and declares that  New  York's  mortgage  foreclosure  crisis
continues.  Many  New  Yorkers  are  still unable to meet their mortgage
obligations. There are delays in  the  foreclosure  process,  homes  are
sitting  vacant  or  in  a state of ill repair because of drawn out loan
modification and foreclosures, neighborhoods with high concentrations of
foreclosures are losing value and the owners are losing equity.    Fore-
closures  that  were  the  result  of the real estate downturn and great
recession will continue to be a problem within the state.  The  legisla-
ture  finds that it is necessary to create a statewide program to stabi-
lize communities throughout the state by: (i) avoiding foreclosures  and
ameliorating the effects of the mortgage foreclosure crisis; (ii) elimi-
nating  blighted  properties  and  vacant lots that bring down community
values and create attractive nuisances within communities; (iii) restor-
ing property tax income to counties  and  towns;  and  (iv)  maintaining
affordable  housing.    Accordingly  the  legislature hereby creates the
community restoration fund.
  S 2. Definitions. As used in this act, the following words and phrases
shall have the following meanings:
  1. "Community development financial institution" or  "CDFI"  means  an
organization  located in this state which has been certified as a commu-
nity development financial institution by the federal community develop-
ment financial institutions fund, as established pursuant to  12  U.S.C.
4701 et seq.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11044-02-5

S. 5474                             2

  2.  "Fund manager" means a New York-based Community Development Finan-
cial Institution ("CDFI") fund manager.
  3.  "Program  manager"  means a property holding company that will own
and manage the assets purchased through the community restoration fund.
  S 3. The state finance law is amended by adding a new section 99-x  to
read as follows:
  S  99-X. COMMUNITY RESTORATION FUND. 1. THERE IS HEREBY ESTABLISHED IN
THE CUSTODY OF THE STATE COMPTROLLER A SPECIAL FUND TO BE KNOWN  AS  THE
"COMMUNITY RESTORATION FUND".
  2.  THE  COMMUNITY  RESTORATION FUND SHALL CONSIST OF MONEYS DEPOSITED
THEREIN BY THE STATE COMPTROLLER FROM THE ATTORNEY GENERAL OF THE  STATE
OBTAINED THROUGH JUDGMENTS AND SETTLEMENTS WITH LENDING INSTITUTIONS FOR
SUBPRIME  AND  PREDATORY  LOANS,  FOR MORTGAGE SERVICING AND SECURITIZA-
TIONS, CLAIMS RELATED TO MORTGAGE PRACTICES, MORTGAGE BACKED SECURITIES,
CASES RELATED TO MORTGAGE AND MORTGAGE SECURITIES IN THE  LONDON  INTER-
BANK  OFFERED RATE AND OTHER MORTGAGE FORECLOSURE RELATED CASES AND FROM
FEDERAL, STATE OR  LOCAL  GOVERNMENTS  AND  PRIVATE  INVESTORS.  NOTHING
CONTAINED IN THIS SECTION SHALL PREVENT THE STATE FROM RECEIVING GRANTS,
GIFTS  OR  BEQUESTS  AND  DEPOSITING THEM INTO THE ACCESSIBLE ELECTRONIC
INFORMATION SERVICE FUND ACCORDING TO LAW.
  3. THE MONEYS IN THE FUND SHALL BE USED TO:
  (A) PURCHASE MORTGAGE NOTES ON ONE, TWO, THREE AND FOUR  FAMILY  HOMES
AT  DISCOUNTED  RATES  WITH  THE  INTENT OF MODIFYING THE MORTGAGE TO AN
AFFORDABLE RATE TO KEEP CURRENT HOMEOWNERS IN THE PROPERTY; AND
  (B) ACQUIRE HOMES AT DISCOUNTED RATES FROM LENDERS, AND PURCHASE HOMES
AT AUCTION OR THROUGH SHORT SALE WITH THE INTENT TO:
  (I) RENT OR SELL BACK TO HOMEOWNERS WITH AN AFFORDABLE LOAN;
  (II) FUND LOCAL, NOT-FOR-PROFIT-DEVELOPMENT  EFFORTS  TO  TURN  VACANT
PROPERTIES INTO AFFORDABLE HOUSING;
  (III) REHABILITATE DISTRESSED PROPERTIES FOR NEW OWNERS IF THE PROPER-
TY WAS VACANT; AND/OR
  (IV) DEMOLISH HOMES BEYOND REPAIR.
  4. THE URBAN DEVELOPMENT CORPORATION SHALL SELECT THE FUND MANAGER AND
PROGRAM MANAGER THROUGH THE REQUEST FOR PROPOSAL PROCESS.
  5. THE FUND MANAGER SHALL:
  (A)  BE  RESPONSIBLE  FOR  THE  RECEIPT, MANAGEMENT AND EXPENDITURE OF
MONIES HELD IN THE COMMUNITY RESTORATION FUND;
  (B) MAINTAIN BOOKS AND RECORDS PERTAINING TO ALL MONIES  RECEIVED  AND
DISBURSED PURSUANT TO THIS SECTION;
  (C)  RECEIVE PUBLIC, SETTLEMENT AND OTHER FUNDS AND USE THOSE FUNDS TO
PURCHASE ASSETS THAT WILL BE HELD BY THE PROGRAM MANAGER;
  (D) HAVE THE AUTHORITY TO ACQUIRE DISTRESSED ASSETS AND PURCHASE MORT-
GAGE NOTES ON ONE, TWO, THREE AND/OR FOUR FAMILY HOMES, WHETHER CURRENT,
DELINQUENT AND/OR IN FORECLOSURE, OCCUPIED, VACANT OR  ABANDONED,  WHERE
PURCHASED:
  (I) BY A FUND MANAGER AT CURRENT APPRAISED VALUES;
  (II)  THROUGH  NEGOTIATED  SALES AT FHA DISTRESSED ASSET STABILIZATION
PROGRAM SALES;
  (III) THROUGH AUCTIONS, SHORT SALES, REAL ESTATE OWNED  PROPERTIES  OR
PROPERTIES  IDENTIFIED BY THE NOT-FOR-PROFIT ORGANIZATIONS ON THE COMMU-
NITY RESTORATION FUND COUNCIL;
  (E) HAVE THE AUTHORITY TO TRANSFER DISTRESSED ASSETS  TO  THE  PROGRAM
MANAGER;
  (F) WORK WITH THE COMMUNITY RESTORATION FUND COUNCIL TO DEVELOP STRAT-
EGIES  FOR  ACQUIRING DISTRESSED ASSETS AND TO IDENTIFY OPPORTUNITIES TO
ACQUIRE DISTRESSED ASSETS;

S. 5474                             3

  (G) WORK WITH THE PROGRAM MANAGER AND THE COMMUNITY  RESTORATION  FUND
COUNCIL TO IDENTIFY NOT-FOR-PROFIT DEVELOPERS ABLE TO IMPLEMENT DISPOSI-
TIONS  TAILORED  TO LOCAL NEEDS, WHETHER SALES TO NEW HOMEOWNERS, USE AS
AFFORDABLE RENTAL PROPERTY, OR  DEMOLITION  AND  REPURPOSING  FOR  OTHER
COMMUNITY USES;
  (H)  MAKE FUNDS DIRECTLY AVAILABLE TO NOT-FOR-PROFIT ORGANIZATIONS AND
DEVELOPERS FOR USE TO ACQUIRE, REHABILITATE  AND/OR  FINANCE  PROPERTIES
DIRECTLY.  THESE  FUNDS  WOULD  BE  MADE AVAILABLE THROUGH A REQUEST FOR
PROPOSAL PROCESS CONDUCTED BY A STATE AGENCY IN  CONSULTATION  WITH  THE
FUND MANAGER;
  (I) DEVELOP A PLAN TO MAKE THIS A REVOLVING LOAN FUND; AND
  (J) APPLY FOR FEDERAL OR PRIVATE GRANT MONEY THAT BECOMES AVAILABLE TO
CARRY OUT THE PURPOSE OF THIS SECTION.
  6. THE PROGRAM MANAGER SHALL:
  (A) OWN AND MANAGE THE DISTRESSED ASSETS ACQUIRED BY THE FUND MANAGER;
  (B) HAVE THE POWER TO MODIFY MORTGAGE NOTES ON THE ACQUIRED ASSETS;
  (C)  WITH THE INPUT OF THE COMMUNITY RESTORATION FUND COUNCIL, DEVELOP
DISPOSITION STRATEGIES TAILORED TO THE NEEDS AND  MARKET  CONDITIONS  IN
THE LOCAL COMMUNITIES WHERE THE DISTRESSED ASSETS ARE LOCATED;
  (D)  WORK  WITH  THE  COMMUNITY  RESTORATION FUND COUNCIL TO DETERMINE
OPTIMAL OUTCOMES FOR ACQUIRED MORTGAGE NOTES AND PROPERTIES;
  (E) HAVE A RELATIONSHIP WITH A SPECIALTY MORTGAGE SERVICER WHOSE  ROLE
IS TO ASSIST WITH MODIFICATIONS OF ACQUIRED MORTGAGE NOTES;
  (F)  WORK  WITH  THE  FUND  MANAGER AND THE COMMUNITY RESTORATION FUND
COUNCIL TO DEVELOP MODIFICATION CRITERIA;
  (G) WORK WITH LOAN SERVICERS AND HOUSING COUNSELORS TO ASSIST  BORROW-
ERS WITH APPLICATIONS FOR LOAN MODIFICATIONS AND REFINANCING; AND
  (H)  WORK  WITH  THE  FUND  MANAGER AND THE COMMUNITY RESTORATION FUND
COUNCIL TO IDENTIFY NOT-FOR-PROFIT DEVELOPERS ABLE TO IMPLEMENT DISPOSI-
TIONS TAILORED TO LOCAL NEEDS, WHETHER SALES TO NEW HOMEOWNERS,  USE  AS
AFFORDABLE  RENTAL  PROPERTY,  OR  DEMOLITION  AND REPURPOSING FOR OTHER
COMMUNITY USES.
  S 4. Community restoration fund council. 1.  There  is  hereby  estab-
lished  the  community  restoration  fund  council  consisting of thirty
members. The purpose of such council is to serve as an advisory board to
both the community restoration fund and the program manager, assist with
the identification of opportunities to acquire distressed assets, assist
in the development of disposition strategies tailored to meet the  needs
and  market  conditions in the local communities where distressed assets
are located, work with the program manager to determine optimal outcomes
for acquired mortgage notes and properties, work with the  fund  manager
and program manager to determine the loan servicer's modification crite-
ria,  and  work  with  the  fund manager and program manager to identify
not-for-profit developers able to  implement  dispositions  tailored  to
local  needs,  whether sales to new homeowners, use as affordable rental
property, or demolition and repurposing for other community uses.
  2. The members of the council shall consist of:
  a. The commissioner of the  New  York  state  department  of  economic
development;
  b. The commissioner of New York state homes and community renewal;
  c.  Twenty-eight  community  based,  not-for-profit  members  with two
members from each of the regional economic development regions, with the
exception of New York city where there  will  be  two  community  based,
not-for-profit members from each borough.
  3. No member shall receive any compensation for his or her services.

S. 5474                             4

  S  5.  Annual  report to the legislature. The urban development corpo-
ration shall submit a report to the governor, the speaker of the  assem-
bly  and the temporary president of the senate on or before the first of
October, and annually thereafter, describing the use  of  the  community
restoration  fund  pursuant to this act, including asset purchases, loan
modifications, home sales, rentals, property rehabilitations  and  other
information  provided  pursuant  to  this  act, including: the number of
assets purchased, number of loans modified, number of properties  rented
and  a  description of projects financed or assisted by fund monies; the
amount and source of funds leveraged; and such other information as  the
state agency may deem appropriate.
  S 6. The urban development corporation is hereby authorized to promul-
gate  rules  and regulations in accordance with the state administrative
procedure act that are necessary to fulfill the purposes  of  this  act.
Such rules and regulations are to be completed within one hundred eighty
days of the effective date of this act.
  S 7. This act shall take effect immediately.

co-Sponsors

2015-S5474A - Details

Current Committee:: Senate Rules
Law Section:: State Finance Law
Laws Affected:: Add §99-z, St Fin L
Versions Introduced in 2017-2018 Legislative Session:: S1339

2015-S5474A - Summary

Relates to establishing the community restoration fund.

2015-S5474A - Sponsor Memo

                                 BILL NUMBER:  S5474A

 TITLE OF BILL :

An act to amend the state finance law, in relation to establishing the
community restoration fund

 PURPOSE :

To use funds from judgments and settlements received in cases with
lending institutions relating to subprime and predatory lending, and
other mortgage and real estate industry practices to help communities
recover from the foreclosure crisis and keep homeowners in their home.

 SUMMARY OF PROVISIONS :

Section 1 sets forth a statement of legislative purpose and findings.

Section 2 sets forth definitions of terms in this section.

Section 3 adds a new section 99-y to state finance law to establish
the community restoration fund from monies obtained by the Attorney
General in cases involving lending institutions for subprime and
predatory loans, mortgage servicing and other claims, to provide
powers and duties to fund and program managers, create a community
restoration fund counsel to advise in performance of said duties and

powers, outline use of funds.

Section 4 establishes the Community restoration fund council, sets
forth its purpose and scope and its membership.

Section 5 sets forth the requirements for the annual report.

Section 6 provides that urban development corporation is authorized to
conduct a rulemaking to promulgate any rules necessary to carry forth
the purpose of this legislation that must be completed within 180 days
of the effective date of this act.

Section 7 sets forth the effective date.

 JUSTIFICATION :

In the early 2000's the economy was moving along and homes sales and
loan approvals were occurring in record numbers as people felt secure
in reaching for the American Dream of homeownership. However, in 2008
the bubble burst and many questionable tactics were uncovered showing
how loans were being given to people in high risk of foreclosure. When
the mortgage crisis occurred foreclosures sky rocketed. While much of
the country has recovered New York is still suffering.

A report by the Empire Justice Center found that while in 2014 the
national foreclosure rate fell to 2.1%, in New York the foreclosure
rate was 5.4%. In addition, the state delinquency rate is a full point
higher than the national delinquency rate. The report confirmed that
New York is still fighting this crisis and will be for some time.

Many of these foreclosures were based upon mortgages practices that
are coming under question and have resulted and will continue to
result in settlements to New York State. The state must use this money
toward helping those that were harmed by the actions of the lending
institutions. This legislation will create a statewide mechanism for
keeping New Yorker's in their homes by modifying underwater mortgages,
purchased distressed assets and improving them, injecting funds into
our communities and increasing the values of homes throughout New York
state.

 LEGISLATIVE HISTORY :

A new bill.

 FISCAL IMPLICATIONS :

None. The fund does not affect the state budget because it is funded
by settlement proceeds and judgment collection from the attorney
general.

 EFFECTIVE DATE :
This act shall take effect immediately.

2015-S5474A - Bill Text download pdf

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

                                 5474--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sens. COMRIE, PERKINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Finance -- recom-
  mitted to the Committee on Finance in accordance with Senate  Rule  6,
  sec.  8  --  committee  discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the state finance law, in relation to  establishing  the
  community restoration fund

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

  Section 1. Statement of legislative purpose and findings. The legisla-
ture finds and declares that  New  York's  mortgage  foreclosure  crisis
continues.  Many  New  Yorkers  are  still unable to meet their mortgage
obligations. There are delays in  the  foreclosure  process,  homes  are
sitting  vacant  or  in  a state of ill repair because of drawn out loan
modification and foreclosures, neighborhoods with high concentrations of
foreclosures are losing value and the owners are losing equity.    Fore-
closures  that  were  the  result  of the real estate downturn and great
recession will continue to be a problem within the state.  The  legisla-
ture  finds that it is necessary to create a statewide program to stabi-
lize communities throughout the state by: (i) avoiding foreclosures  and
ameliorating the effects of the mortgage foreclosure crisis; (ii) elimi-
nating  blighted  properties  and  vacant lots that bring down community
values and create attractive nuisances within communities; (iii) restor-
ing property tax income to counties  and  towns;  and  (iv)  maintaining
affordable  housing.    Accordingly  the  legislature hereby creates the
community restoration fund.
  S 2. Definitions. As used in this act, the following words and phrases
shall have the following meanings:
  1. "Community development financial institution" or  "CDFI"  means  an
organization  located in this state which has been certified as a commu-
nity development financial institution by the federal community develop-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11044-03-6

S. 5474--A                          2

ment financial institutions fund, as established pursuant to  12  U.S.C.
4701 et seq.
  2.  "Fund manager" means a New York-based Community Development Finan-
cial Institution ("CDFI") fund manager.
  3. "Program manager" means a property holding company  that  will  own
and manage the assets purchased through the community restoration fund.
  S  3. The state finance law is amended by adding a new section 99-y to
read as follows:
  S 99-Y. COMMUNITY RESTORATION FUND. 1. THERE IS HEREBY ESTABLISHED  IN
THE  CUSTODY  OF THE STATE COMPTROLLER A SPECIAL FUND TO BE KNOWN AS THE
"COMMUNITY RESTORATION FUND".
  2. THE COMMUNITY RESTORATION FUND SHALL CONSIST  OF  MONEYS  DEPOSITED
THEREIN  BY THE STATE COMPTROLLER FROM THE ATTORNEY GENERAL OF THE STATE
OBTAINED THROUGH JUDGMENTS AND SETTLEMENTS WITH LENDING INSTITUTIONS FOR
SUBPRIME AND PREDATORY LOANS, FOR  MORTGAGE  SERVICING  AND  SECURITIZA-
TIONS, CLAIMS RELATED TO MORTGAGE PRACTICES, MORTGAGE BACKED SECURITIES,
CASES  RELATED  TO MORTGAGE AND MORTGAGE SECURITIES IN THE LONDON INTER-
BANK OFFERED RATE AND OTHER MORTGAGE FORECLOSURE RELATED CASES AND  FROM
FEDERAL,  STATE  OR  LOCAL  GOVERNMENTS  AND  PRIVATE INVESTORS. NOTHING
CONTAINED IN THIS SECTION SHALL PREVENT THE STATE FROM RECEIVING GRANTS,
GIFTS OR BEQUESTS AND DEPOSITING THEM  INTO  THE  ACCESSIBLE  ELECTRONIC
INFORMATION SERVICE FUND ACCORDING TO LAW.
  3. THE MONEYS IN THE FUND SHALL BE USED TO:
  (A)  PURCHASE  MORTGAGE NOTES ON ONE, TWO, THREE AND FOUR FAMILY HOMES
AT DISCOUNTED RATES WITH THE INTENT OF  MODIFYING  THE  MORTGAGE  TO  AN
AFFORDABLE RATE TO KEEP CURRENT HOMEOWNERS IN THE PROPERTY; AND
  (B) ACQUIRE HOMES AT DISCOUNTED RATES FROM LENDERS, AND PURCHASE HOMES
AT AUCTION OR THROUGH SHORT SALE WITH THE INTENT TO:
  (I) RENT OR SELL BACK TO HOMEOWNERS WITH AN AFFORDABLE LOAN;
  (II)  FUND  LOCAL,  NOT-FOR-PROFIT-DEVELOPMENT  EFFORTS TO TURN VACANT
PROPERTIES INTO AFFORDABLE HOUSING;
  (III) REHABILITATE DISTRESSED PROPERTIES FOR NEW OWNERS IF THE PROPER-
TY WAS VACANT; AND/OR
  (IV) DEMOLISH HOMES BEYOND REPAIR.
  4. THE URBAN DEVELOPMENT CORPORATION SHALL SELECT THE FUND MANAGER AND
PROGRAM MANAGER THROUGH THE REQUEST FOR PROPOSAL PROCESS.
  5. THE FUND MANAGER SHALL:
  (A) BE RESPONSIBLE FOR THE  RECEIPT,  MANAGEMENT  AND  EXPENDITURE  OF
MONIES HELD IN THE COMMUNITY RESTORATION FUND;
  (B)  MAINTAIN  BOOKS AND RECORDS PERTAINING TO ALL MONIES RECEIVED AND
DISBURSED PURSUANT TO THIS SECTION;
  (C) RECEIVE PUBLIC, SETTLEMENT AND OTHER FUNDS AND USE THOSE FUNDS  TO
PURCHASE ASSETS THAT WILL BE HELD BY THE PROGRAM MANAGER;
  (D) HAVE THE AUTHORITY TO ACQUIRE DISTRESSED ASSETS AND PURCHASE MORT-
GAGE NOTES ON ONE, TWO, THREE AND/OR FOUR FAMILY HOMES, WHETHER CURRENT,
DELINQUENT  AND/OR  IN FORECLOSURE, OCCUPIED, VACANT OR ABANDONED, WHERE
PURCHASED:
  (I) BY A FUND MANAGER AT CURRENT APPRAISED VALUES;
  (II) THROUGH NEGOTIATED SALES AT FHA  DISTRESSED  ASSET  STABILIZATION
PROGRAM SALES; OR
  (III)  THROUGH  AUCTIONS, SHORT SALES, REAL ESTATE OWNED PROPERTIES OR
PROPERTIES IDENTIFIED BY THE NOT-FOR-PROFIT ORGANIZATIONS ON THE  COMMU-
NITY RESTORATION FUND COUNCIL;
  (E)  HAVE  THE  AUTHORITY TO TRANSFER DISTRESSED ASSETS TO THE PROGRAM
MANAGER;

S. 5474--A                          3

  (F) WORK WITH THE COMMUNITY RESTORATION FUND COUNCIL TO DEVELOP STRAT-
EGIES FOR ACQUIRING DISTRESSED ASSETS AND TO IDENTIFY  OPPORTUNITIES  TO
ACQUIRE DISTRESSED ASSETS;
  (G)  WORK  WITH THE PROGRAM MANAGER AND THE COMMUNITY RESTORATION FUND
COUNCIL TO IDENTIFY NOT-FOR-PROFIT DEVELOPERS ABLE TO IMPLEMENT DISPOSI-
TIONS TAILORED TO LOCAL NEEDS, WHETHER SALES TO NEW HOMEOWNERS,  USE  AS
AFFORDABLE  RENTAL  PROPERTY,  OR  DEMOLITION  AND REPURPOSING FOR OTHER
COMMUNITY USES;
  (H) MAKE FUNDS DIRECTLY AVAILABLE TO NOT-FOR-PROFIT ORGANIZATIONS  AND
DEVELOPERS  FOR  USE  TO ACQUIRE, REHABILITATE AND/OR FINANCE PROPERTIES
DIRECTLY. THESE FUNDS WOULD BE MADE  AVAILABLE  THROUGH  A  REQUEST  FOR
PROPOSAL  PROCESS  CONDUCTED  BY A STATE AGENCY IN CONSULTATION WITH THE
FUND MANAGER;
  (I) DEVELOP A PLAN TO MAKE THIS A REVOLVING LOAN FUND; AND
  (J) APPLY FOR FEDERAL OR PRIVATE GRANT MONEY THAT BECOMES AVAILABLE TO
CARRY OUT THE PURPOSE OF THIS SECTION.
  6. THE PROGRAM MANAGER SHALL:
  (A) OWN AND MANAGE THE DISTRESSED ASSETS ACQUIRED BY THE FUND MANAGER;
  (B) HAVE THE POWER TO MODIFY MORTGAGE NOTES ON THE ACQUIRED ASSETS;
  (C) WITH THE INPUT OF THE COMMUNITY RESTORATION FUND COUNCIL,  DEVELOP
DISPOSITION  STRATEGIES  TAILORED  TO THE NEEDS AND MARKET CONDITIONS IN
THE LOCAL COMMUNITIES WHERE THE DISTRESSED ASSETS ARE LOCATED;
  (D) WORK WITH THE COMMUNITY  RESTORATION  FUND  COUNCIL  TO  DETERMINE
OPTIMAL OUTCOMES FOR ACQUIRED MORTGAGE NOTES AND PROPERTIES;
  (E)  HAVE A RELATIONSHIP WITH A SPECIALTY MORTGAGE SERVICER WHOSE ROLE
IS TO ASSIST WITH MODIFICATIONS OF ACQUIRED MORTGAGE NOTES;
  (F) WORK WITH THE FUND MANAGER  AND  THE  COMMUNITY  RESTORATION  FUND
COUNCIL TO DEVELOP MODIFICATION CRITERIA;
  (G)  WORK WITH LOAN SERVICERS AND HOUSING COUNSELORS TO ASSIST BORROW-
ERS WITH APPLICATIONS FOR LOAN MODIFICATIONS AND REFINANCING; AND
  (H) WORK WITH THE FUND MANAGER  AND  THE  COMMUNITY  RESTORATION  FUND
COUNCIL TO IDENTIFY NOT-FOR-PROFIT DEVELOPERS ABLE TO IMPLEMENT DISPOSI-
TIONS  TAILORED  TO LOCAL NEEDS, WHETHER SALES TO NEW HOMEOWNERS, USE AS
AFFORDABLE RENTAL PROPERTY, OR  DEMOLITION  AND  REPURPOSING  FOR  OTHER
COMMUNITY USES.
  S  4.  Community  restoration  fund council. 1. There is hereby estab-
lished the community  restoration  fund  council  consisting  of  thirty
members. The purpose of such council is to serve as an advisory board to
both the community restoration fund and the program manager, assist with
the identification of opportunities to acquire distressed assets, assist
in  the development of disposition strategies tailored to meet the needs
and market conditions in the local communities where  distressed  assets
are located, work with the program manager to determine optimal outcomes
for  acquired  mortgage notes and properties, work with the fund manager
and program manager to determine the loan servicer's modification crite-
ria, and work with the fund manager  and  program  manager  to  identify
not-for-profit  developers  able  to  implement dispositions tailored to
local needs, whether sales to new homeowners, use as  affordable  rental
property, or demolition and repurposing for other community uses.
  2. The members of the council shall consist of:
  a.  The  commissioner  of  the  New  York state department of economic
development;
  b. The commissioner of New York state homes and community renewal;
  c. Twenty-eight  community  based,  not-for-profit  members  with  two
members from each of the regional economic development regions, with the

S. 5474--A                          4

exception  of  New  York  city  where there will be two community based,
not-for-profit members from each borough.
  3. No member shall receive any compensation for his or her services.
  S  5.  Annual  report to the legislature. The urban development corpo-
ration shall submit a report to the governor, the speaker of the  assem-
bly  and the temporary president of the senate on or before the first of
October, and annually thereafter, describing the use  of  the  community
restoration  fund  pursuant to this act, including asset purchases, loan
modifications, home sales, rentals, property rehabilitations  and  other
information  provided  pursuant  to  this  act, including: the number of
assets purchased, number of loans modified, number of properties  rented
and  a  description of projects financed or assisted by fund monies; the
amount and source of funds leveraged; and such other information as  the
state agency may deem appropriate.
  S 6. The urban development corporation is hereby authorized to promul-
gate  rules  and regulations in accordance with the state administrative
procedure act that are necessary to fulfill the purposes  of  this  act.
Such rules and regulations are to be completed within one hundred eighty
days of the effective date of this act.
  S 7. This act shall take effect immediately.

co-Sponsors

2015-S5474B (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: State Finance Law
Laws Affected:: Add §99-z, St Fin L
Versions Introduced in 2017-2018 Legislative Session:: S1339

2015-S5474B (ACTIVE) - Summary

Relates to establishing the community restoration fund.

2015-S5474B (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S5474B

 TITLE OF BILL :

An act to amend the state finance law, in relation to establishing the
community restoration fund

 PURPOSE :

To use funds from judgments and settlements received in cases with
lending institutions relating to subprime and predatory lending, and
other mortgage and real estate industry practices to help communities
recover from the foreclosure crisis and keep homeowners in their home.

 SUMMARY OF PROVISIONS :

Section 1 sets forth a statement of legislative purpose and findings.

Section 2 sets forth definitions of terms in this section.

Section 3 adds a new section 99-z to state finance law to establish
the community restoration fund from monies obtained by the Attorney
General in cases involving lending institutions for subprime and
predatory loans, mortgage servicing and other claims, to provide
powers and duties to fund and program managers, create a community
restoration fund counsel to advise in performance of said duties and

powers, outline use of funds.

Section 4 establishes the Community restoration fund council, sets
forth its purpose and scope and its membership.

Section 5 sets forth the requirements for the annual report.

Section 6 provides that urban development corporation is authorized to
conduct a rulemaking to promulgate any rules necessary to carry forth
the purpose of this legislation that must be completed within 180 days
of the effective date of this act.

Section 7 sets forth the effective date.

 JUSTIFICATION :

In the early 2000's the economy was moving along and homes sales and
loan approvals were occurring in record numbers as people felt secure
in reaching for the American Dream of homeownership. However, in 2008
the bubble burst and many questionable tactics were uncovered showing
how loans were being given to people in high risk of foreclosure. When
the mortgage crisis occurred foreclosures sky rocketed. While much of
the country has recovered New York is still suffering.

A report by the Empire Justice Center found that while in 2014 the
national foreclosure rate fell to 2.1%, in New York the foreclosure
rate was 5.4%. In addition, the state delinquency rate is a full point
higher than the national delinquency rate. The report confirmed that
New York is still fighting this crisis and will be for some time.
Many of these foreclosures were based upon mortgages practices that
are coming under question and have resulted and will continue to
result in settlements to New York State. The state must use this money
toward helping those that were harmed by the actions of the lending
institutions. This legislation will create a statewide mechanism for
keeping New Yorker's in their homes by modifying underwater mortgages,
purchased distressed assets and improving them, injecting funds into
our communities and increasing the values of homes throughout New York
state.

 LEGISLATIVE HISTORY :
A new bill.

 FISCAL IMPLICATIONS :

None. The fund does not affect the state budget because it is funded
by settlement proceeds and judgment collection from the attorney
general.

 EFFECTIVE DATE :
This act shall take effect immediately.

2015-S5474B (ACTIVE) - Bill Text download pdf

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

                                 5474--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sens. COMRIE, PERKINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Finance -- recom-
  mitted to the Committee on Finance in accordance with Senate  Rule  6,
  sec.  8  --  committee  discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee -- reported  favorably  from
  said  committee  and  committed to the Committee on Rules -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the state finance law, in relation to  establishing  the
  community restoration fund

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

  Section 1. Statement of legislative purpose and findings. The legisla-
ture finds and declares that  New  York's  mortgage  foreclosure  crisis
continues.  Many  New  Yorkers  are  still unable to meet their mortgage
obligations. There are delays in  the  foreclosure  process,  homes  are
sitting  vacant  or  in  a state of ill repair because of drawn out loan
modification and foreclosures, neighborhoods with high concentrations of
foreclosures are losing value and the owners are losing equity.    Fore-
closures  that  were  the  result  of the real estate downturn and great
recession will continue to be a problem within the state.  The  legisla-
ture  finds that it is necessary to create a statewide program to stabi-
lize communities throughout the state by: (i) avoiding foreclosures  and
ameliorating the effects of the mortgage foreclosure crisis; (ii) elimi-
nating  blighted  properties  and  vacant lots that bring down community
values and create attractive nuisances within communities; (iii) restor-
ing property tax income to counties  and  towns;  and  (iv)  maintaining
affordable  housing.    Accordingly  the  legislature hereby creates the
community restoration fund.
  S 2. Definitions. As used in this act, the following words and phrases
shall have the following meanings:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11044-05-6

S. 5474--B                          2

  1. "Community development financial institution" or  "CDFI"  means  an
organization  located in this state which has been certified as a commu-
nity development financial institution by the federal community develop-
ment financial institutions fund, as established pursuant to  12  U.S.C.
4701 et seq.
  2.  "Fund manager" means a New York-based Community Development Finan-
cial Institution ("CDFI") fund manager.
  3. "Program manager" means a property holding company  that  will  own
and manage the assets purchased through the community restoration fund.
  S  3. The state finance law is amended by adding a new section 99-z to
read as follows:
  S 99-Z. COMMUNITY RESTORATION FUND. 1. THERE IS HEREBY ESTABLISHED  IN
THE  CUSTODY  OF THE STATE COMPTROLLER A SPECIAL FUND TO BE KNOWN AS THE
"COMMUNITY RESTORATION FUND".
  2. THE COMMUNITY RESTORATION FUND SHALL CONSIST  OF  MONEYS  DEPOSITED
THEREIN  BY THE STATE COMPTROLLER FROM THE ATTORNEY GENERAL OF THE STATE
OBTAINED THROUGH JUDGMENTS AND SETTLEMENTS WITH LENDING INSTITUTIONS FOR
SUBPRIME AND PREDATORY LOANS, FOR  MORTGAGE  SERVICING  AND  SECURITIZA-
TIONS, CLAIMS RELATED TO MORTGAGE PRACTICES, MORTGAGE BACKED SECURITIES,
CASES  RELATED  TO MORTGAGE AND MORTGAGE SECURITIES IN THE LONDON INTER-
BANK OFFERED RATE AND OTHER MORTGAGE FORECLOSURE RELATED CASES AND  FROM
FEDERAL,  STATE  OR  LOCAL  GOVERNMENTS  AND  PRIVATE INVESTORS. NOTHING
CONTAINED IN THIS SECTION SHALL PREVENT THE STATE FROM RECEIVING GRANTS,
GIFTS OR BEQUESTS AND DEPOSITING THEM  INTO  THE  ACCESSIBLE  ELECTRONIC
INFORMATION SERVICE FUND ACCORDING TO LAW.
  3. THE MONEYS IN THE FUND SHALL BE USED TO:
  (A)  PURCHASE  MORTGAGE NOTES ON ONE, TWO, THREE AND FOUR FAMILY HOMES
AT DISCOUNTED RATES WITH THE INTENT OF  MODIFYING  THE  MORTGAGE  TO  AN
AFFORDABLE RATE TO KEEP CURRENT HOMEOWNERS IN THE PROPERTY; AND
  (B) ACQUIRE HOMES AT DISCOUNTED RATES FROM LENDERS, AND PURCHASE HOMES
AT AUCTION OR THROUGH SHORT SALE WITH THE INTENT TO:
  (I) RENT OR SELL BACK TO HOMEOWNERS WITH AN AFFORDABLE LOAN;
  (II)  FUND  LOCAL,  NOT-FOR-PROFIT-DEVELOPMENT  EFFORTS TO TURN VACANT
PROPERTIES INTO AFFORDABLE HOUSING;
  (III) REHABILITATE DISTRESSED PROPERTIES FOR NEW OWNERS IF THE PROPER-
TY WAS VACANT; AND/OR
  (IV) DEMOLISH HOMES BEYOND REPAIR.
  4. THE URBAN DEVELOPMENT CORPORATION SHALL SELECT THE FUND MANAGER AND
PROGRAM MANAGER THROUGH THE REQUEST FOR PROPOSAL PROCESS.
  5. THE FUND MANAGER SHALL:
  (A) BE RESPONSIBLE FOR THE  RECEIPT,  MANAGEMENT  AND  EXPENDITURE  OF
MONIES HELD IN THE COMMUNITY RESTORATION FUND;
  (B)  MAINTAIN  BOOKS AND RECORDS PERTAINING TO ALL MONIES RECEIVED AND
DISBURSED PURSUANT TO THIS SECTION;
  (C) RECEIVE PUBLIC, SETTLEMENT AND OTHER FUNDS AND USE THOSE FUNDS  TO
PURCHASE ASSETS THAT WILL BE HELD BY THE PROGRAM MANAGER;
  (D) HAVE THE AUTHORITY TO ACQUIRE DISTRESSED ASSETS AND PURCHASE MORT-
GAGE NOTES ON ONE, TWO, THREE AND/OR FOUR FAMILY HOMES, WHETHER CURRENT,
DELINQUENT  AND/OR  IN FORECLOSURE, OCCUPIED, VACANT OR ABANDONED, WHERE
PURCHASED:
  (I) BY A FUND MANAGER AT CURRENT APPRAISED VALUES;
  (II) THROUGH NEGOTIATED SALES AT FHA  DISTRESSED  ASSET  STABILIZATION
PROGRAM SALES;
  (III)  THROUGH  AUCTIONS, SHORT SALES, REAL ESTATE OWNED PROPERTIES OR
PROPERTIES IDENTIFIED BY THE NOT-FOR-PROFIT ORGANIZATIONS ON THE  COMMU-
NITY RESTORATION FUND COUNCIL;

S. 5474--B                          3

  (E)  HAVE  THE  AUTHORITY TO TRANSFER DISTRESSED ASSETS TO THE PROGRAM
MANAGER;
  (F) WORK WITH THE COMMUNITY RESTORATION FUND COUNCIL TO DEVELOP STRAT-
EGIES  FOR  ACQUIRING DISTRESSED ASSETS AND TO IDENTIFY OPPORTUNITIES TO
ACQUIRE DISTRESSED ASSETS;
  (G) WORK WITH THE PROGRAM MANAGER AND THE COMMUNITY  RESTORATION  FUND
COUNCIL TO IDENTIFY NOT-FOR-PROFIT DEVELOPERS ABLE TO IMPLEMENT DISPOSI-
TIONS  TAILORED  TO LOCAL NEEDS, WHETHER SALES TO NEW HOMEOWNERS, USE AS
AFFORDABLE RENTAL PROPERTY, OR  DEMOLITION  AND  REPURPOSING  FOR  OTHER
COMMUNITY USES;
  (H)  MAKE FUNDS DIRECTLY AVAILABLE TO NOT-FOR-PROFIT ORGANIZATIONS AND
DEVELOPERS FOR USE TO ACQUIRE, REHABILITATE  AND/OR  FINANCE  PROPERTIES
DIRECTLY.  THESE  FUNDS  WOULD  BE  MADE AVAILABLE THROUGH A REQUEST FOR
PROPOSAL PROCESS CONDUCTED BY A STATE AGENCY IN  CONSULTATION  WITH  THE
FUND MANAGER;
  (I) DEVELOP A PLAN TO MAKE THIS A REVOLVING LOAN FUND; AND
  (J) APPLY FOR FEDERAL OR PRIVATE GRANT MONEY THAT BECOMES AVAILABLE TO
CARRY OUT THE PURPOSE OF THIS SECTION.
  6. THE PROGRAM MANAGER SHALL:
  (A) OWN AND MANAGE THE DISTRESSED ASSETS ACQUIRED BY THE FUND MANAGER;
  (B) HAVE THE POWER TO MODIFY MORTGAGE NOTES ON THE ACQUIRED ASSETS;
  (C)  WITH THE INPUT OF THE COMMUNITY RESTORATION FUND COUNCIL, DEVELOP
DISPOSITION STRATEGIES TAILORED TO THE NEEDS AND  MARKET  CONDITIONS  IN
THE LOCAL COMMUNITIES WHERE THE DISTRESSED ASSETS ARE LOCATED;
  (D)  WORK  WITH  THE  COMMUNITY  RESTORATION FUND COUNCIL TO DETERMINE
OPTIMAL OUTCOMES FOR ACQUIRED MORTGAGE NOTES AND PROPERTIES;
  (E) HAVE A RELATIONSHIP WITH A SPECIALTY MORTGAGE SERVICER WHOSE  ROLE
IS TO ASSIST WITH MODIFICATIONS OF ACQUIRED MORTGAGE NOTES;
  (F)  WORK  WITH  THE  FUND  MANAGER AND THE COMMUNITY RESTORATION FUND
COUNCIL TO DEVELOP MODIFICATION CRITERIA;
  (G) WORK WITH LOAN SERVICERS AND HOUSING COUNSELORS TO ASSIST  BORROW-
ERS WITH APPLICATIONS FOR LOAN MODIFICATIONS AND REFINANCING; AND
  (H)  WORK  WITH  THE  FUND  MANAGER AND THE COMMUNITY RESTORATION FUND
COUNCIL TO IDENTIFY NOT-FOR-PROFIT DEVELOPERS ABLE TO IMPLEMENT DISPOSI-
TIONS TAILORED TO LOCAL NEEDS, WHETHER SALES TO NEW HOMEOWNERS,  USE  AS
AFFORDABLE  RENTAL  PROPERTY,  OR  DEMOLITION  AND REPURPOSING FOR OTHER
COMMUNITY USES.
  S 4. Community restoration fund council. 1.  There  is  hereby  estab-
lished  the  community  restoration  fund  council  consisting of thirty
members. The purpose of such council is to serve as an advisory board to
both the community restoration fund and the program manager, assist with
the identification of opportunities to acquire distressed assets, assist
in the development of disposition strategies tailored to meet the  needs
and  market  conditions in the local communities where distressed assets
are located, work with the program manager to determine optimal outcomes
for acquired mortgage notes and properties, work with the  fund  manager
and program manager to determine the loan servicer's modification crite-
ria,  and  work  with  the  fund manager and program manager to identify
not-for-profit developers able to  implement  dispositions  tailored  to
local  needs,  whether sales to new homeowners, use as affordable rental
property, or demolition and repurposing for other community uses.
  2. The members of the council shall consist of:
  a. The commissioner of the  New  York  state  department  of  economic
development;
  b. The commissioner of New York state homes and community renewal;

S. 5474--B                          4

  c.  Twenty-eight  community  based,  not-for-profit  members  with two
members from each of the regional economic development regions, with the
exception of New York city where there  will  be  two  community  based,
not-for-profit members from each borough.
  3. No member shall receive any compensation for his or her services.
  S  5.  Annual  report to the legislature. The urban development corpo-
ration shall submit a report to the governor, the speaker of the  assem-
bly  and the temporary president of the senate on or before the first of
October, and annually thereafter, describing the use  of  the  community
restoration  fund  pursuant to this act, including asset purchases, loan
modifications, home sales, rentals, property rehabilitations  and  other
information  provided  pursuant  to  this  act, including: the number of
assets purchased, number of loans modified, number of properties  rented
and  a  description of projects financed or assisted by fund monies; the
amount and source of funds leveraged; and such other information as  the
state agency may deem appropriate.
  S 6. The urban development corporation is hereby authorized to promul-
gate  rules  and regulations in accordance with the state administrative
procedure act that are necessary to fulfill the purposes  of  this  act.
Such rules and regulations are to be completed within one hundred eighty
days of the effective date of this act.
  S 7. This act shall take effect immediately.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Senate Bill S5474B

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Jun 8, 2016 - Finance Committee Vote

Finance Committee Vote: Jun 8, 2016

Bill Amendments

co-Sponsors

2015-S5474 - Details

2015-S5474 - Summary

2015-S5474 - Sponsor Memo

2015-S5474 - Bill Text download pdf

co-Sponsors

2015-S5474A - Details

2015-S5474A - Summary

2015-S5474A - Sponsor Memo

2015-S5474A - Bill Text download pdf

co-Sponsors

2015-S5474B (ACTIVE) - Details

2015-S5474B (ACTIVE) - Summary

2015-S5474B (ACTIVE) - Sponsor Memo

2015-S5474B (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S5474B

Share this bill

Sponsored By

Leroy Comrie

Archive: Last Bill Status - In Senate Committee Rules Committee

Bill Amendments

co-Sponsors

Bill Perkins

2015-S5474 - Details

2015-S5474 - Summary

2015-S5474 - Sponsor Memo

2015-S5474 - Bill Text download pdf

co-Sponsors

Bill Perkins

2015-S5474A - Details

2015-S5474A - Summary

2015-S5474A - Sponsor Memo

2015-S5474A - Bill Text download pdf

co-Sponsors

Bill Perkins

2015-S5474B (ACTIVE) - Details

2015-S5474B (ACTIVE) - Summary

2015-S5474B (ACTIVE) - Sponsor Memo

2015-S5474B (ACTIVE) - Bill Text download pdf

Comments