senate Bill S1478

Signed By Governor
2017-2018 Legislative Session

Relates to requirements for coverage by mortgage guaranty insurance

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor

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

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view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 23, 2017 signed chap.373
Oct 11, 2017 delivered to governor
Jun 13, 2017 returned to senate
passed assembly
ordered to third reading rules cal.208
substituted for a1953
May 16, 2017 referred to insurance
delivered to assembly
passed senate
May 03, 2017 advanced to third reading
May 02, 2017 2nd report cal.
May 01, 2017 1st report cal.673
Jan 09, 2017 referred to insurance


S1478 - Details

See Assembly Version of this Bill:
Law Section:
Insurance Law
Laws Affected:
Amd §6503, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S4832
2015-2016: S6693, A10581

S1478 - Summary

Relates to mortgage guaranty insurance; removes requirement that mortgage guaranty insurers restrict their coverage, net of applicable reinsurance, to twenty-five percent of the total indebtedness to an insured.

S1478 - Sponsor Memo

S1478 - Bill Text download pdf

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


                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             January 9, 2017

Introduced  by  Sens. SEWARD, BRESLIN -- 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


  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
  (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
  § 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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