Assembly Bill A5053

2017-2018 Legislative Session

Creates the New York title guaranty authority

download bill text pdf

Sponsored By

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

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2017-A5053 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add Art 10-D Title 4 §§3974 - 3980, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9445
2011-2012: A2015
2013-2014: A750
2015-2016: A2895
2019-2020: A4045
2023-2024: A6364

2017-A5053 (ACTIVE) - Summary

Creates the New York title guaranty authority to initiate and operate a program which shall offer guaranties of real property titles in this state.

2017-A5053 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5053
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by  M.  of A. WEPRIN -- Multi-Sponsored by -- M. of A. GOTT-
   FRIED, MAGEE, PEOPLES-STOKES, PERRY -- read once and referred  to  the
   Committee on Corporations, Authorities and Commissions
 
 AN  ACT to amend the public authorities law, in relation to creating the
   New York title guaranty authority

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Article  10-D of the public authorities law is amended by
 adding a new title 4 to read as follows:
                                  TITLE 4
                     NEW YORK TITLE GUARANTY AUTHORITY
 SECTION 3974. SHORT TITLE.
         3975. NEW YORK TITLE GUARANTY AUTHORITY.
         3976. ADMINISTRATION OF THE AUTHORITY.
         3977. GENERAL POWERS OF THE AUTHORITY.
         3978. SPECIAL POWERS OF THE AUTHORITY.
         3979. NEW YORK TITLE GUARANTY FUND.
         3980. PARTICIPATING ATTORNEYS.
   § 3974. SHORT TITLE. THIS ACT SHALL BE KNOWN AND MAY BE CITED  AS  THE
 "NEW YORK TITLE GUARANTY AUTHORITY ACT".
   §  3975. NEW YORK TITLE GUARANTY AUTHORITY. 1. THERE IS HEREBY CREATED
 THE NEW YORK TITLE GUARANTY AUTHORITY, TO INITIATE AND OPERATE A PROGRAM
 WHICH SHALL OFFER GUARANTIES OF REAL PROPERTY TITLES IN THIS STATE.  THE
 AUTHORITY  SHALL  BE A CORPORATE GOVERNMENTAL AGENCY AND INSTRUMENTALITY
 OF THE STATE CONSTITUTING A PUBLIC BENEFIT CORPORATION.
   2. IN ACCORDANCE WITH THE PROVISIONS OF THIS TITLE, THE AUTHORITY  MAY
 ISSUE BONDS ONLY TO FINANCE COSTS, INCLUDING THE FUNDING OF BONDS ISSUED
 BY  THE  AUTHORITY  TO  FINANCE  COSTS, AND FUND RESERVES TO SECURE SUCH
 BONDS.
   3. THE AUTHORITY AND ITS  CORPORATE  EXISTENCE  SHALL  CONTINUE  UNTIL
 TERMINATED  BY  LAW,  PROVIDED,  HOWEVER, THAT NO SUCH TERMINATION SHALL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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