Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 17, 2016 |
referred to insurance delivered to assembly passed senate |
Jun 06, 2016 |
advanced to third reading |
Jun 02, 2016 |
2nd report cal. |
Jun 01, 2016 |
1st report cal.1284 |
Feb 05, 2016 |
referred to insurance |
Senate Bill S6693
2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Assembly 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
Actions
Votes
co-Sponsors
(D, WF) 46th Senate District
2015-S6693 (ACTIVE) - Details
2015-S6693 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6693 TITLE OF BILL : An act to amend the insurance law, in relation to mortgage guaranty insurance PURPOSE : To eliminate a reinsurance requirement currently imposed on mortgage guaranty insurance companies that is outdated, duplicative and unnecessary. SUMMARY OF PROVISIONS : This bill would repeal a section of the Insurance Law that prohibits a mortgage guaranty insurer from insuring more than 25% of a borrower's mortgage indebtedness to an insured lender unless the mortgage guaranty insurer obtains reinsurance for amounts over that 25% limit. JUSTIFICATION : Mortgage guaranty insurance is a type of insurance coverage that protects banks and other lenders from losses if borrowers default on their residential home loans.
2015-S6693 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6693 I N S E N A T E February 5, 2016 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to mortgage guaranty insurance THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 6503 of the insurance law, as amended by chapter 661 of the laws of 1994, is amended to read as follows: (c) A mortgage insurer providing coverage on loans secured by a first lien on real estate [shall limit its coverage net of applicable reinsur- ance to a maximum of twenty-five percent of the entire indebtedness to the insured, or in lieu thereof, a mortgage insurer] may elect to pay the entire indebtedness to the insured and acquire title to the author- ized real estate security. A mortgage insurer providing coverage on loans secured by a junior lien on real estate [shall limit its coverage net of applicable reinsurance to a maximum of twenty-five percent of the combined indebtedness of all existing mortgage loan amounts at the time the loan is made secured by all liens or charges on the real estate, or in lieu thereof, a mortgage insurer] may elect to insure a portfolio of loans secured by instruments constituting a junior lien on real estate[, provided that the total amount at risk in any one pool shall not at any time exceed twenty percent of the original principal mortgage loans insured]. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13959-01-6
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