senate Bill S4775

2019-2020 Legislative Session

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


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

Your Voice

do you support this bill?

Please enter your contact information

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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 25, 2019 referred to corporations, authorities and commissions

S4775 (ACTIVE) - Details

See Assembly Version of this Bill:
A1714
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add §2405-g, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4083
2011-2012: A1253
2013-2014: A468
2015-2016: A3201
2017-2018: A1567

S4775 (ACTIVE) - Summary

Authorizes the state mortgage agency to purchase veterans' assisted forward commitment mortgages from banks within the state; requires the board of directors of the state mortgage agency to establish income limits for eligible veterans from time to time.

S4775 (ACTIVE) - Sponsor Memo

S4775 (ACTIVE) - Bill Text download pdf


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

                                  4775

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 25, 2019
                               ___________

Introduced  by  Sen.  JORDAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT  to amend the public authorities law, in relation to authorizing
  the state of New York mortgage agency to purchase  veterans'  assisted
  forward commitment mortgages from banks within the state

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

  Section 1. The public authorities law  is  amended  by  adding  a  new
section 2405-g to read as follows:
  § 2405-G. PURCHASE OF VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES.
(1)  IN  ACCORDANCE  WITH THE AUTHORITY SET FORTH IN SECTION TWENTY-FOUR
HUNDRED FIVE-B OF THIS PART, THE AGENCY MAY PURCHASE VETERANS'  ASSISTED
FORWARD  COMMITMENT  MORTGAGES  FROM  BANKS AT SUCH PRICES AND UPON SUCH
TERMS AND CONDITIONS AS IT SHALL DETERMINE. IN CONDUCTING ITS PROGRAM OF
PURCHASING VETERANS' ASSISTED FORWARD COMMITMENT MORTGAGES,  THE  AGENCY
SHALL  BE  GOVERNED  BY SECTION TWENTY-FOUR HUNDRED FIVE-B OF THIS PART.
THE BOARD OF DIRECTORS OF THE AGENCY SHALL ESTABLISH FROM TIME  TO  TIME
MAXIMUM  INCOME  LIMITS  OF  PERSONS ELIGIBLE TO RECEIVE SUCH MORTGAGES,
WHICH INCOME LIMITS SHALL NOT EXCEED THE LATEST  MAXIMUM  INCOME  LIMITS
PERMITTED UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR MORT-
GAGES FINANCED BY MORTGAGE REVENUE BONDS.
  (2)  FOR  PURPOSES  OF THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE
FOLLOWING MEANINGS:
  "VETERAN" MEANS A PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL,  OR
AIR  SERVICE DURING A TIME OF WAR AS DEFINED BELOW, OR WHO WAS A RECIPI-
ENT OF THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY  EXPEDITIONARY  MEDAL,
MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITION-
ARY  MEDAL, AND WHO WAS DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE
CONDITIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02085-01-9

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.