Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 24, 2022 |
signed chap.41 delivered to governor |
Feb 02, 2022 |
returned to assembly passed senate 3rd reading cal.292 substituted for s7831 |
Feb 01, 2022 |
referred to rules |
Jan 31, 2022 |
delivered to senate passed assembly |
Jan 27, 2022 |
advanced to third reading cal.329 |
Jan 25, 2022 |
reported |
Jan 11, 2022 |
referred to housing |
Assembly Bill A8749
Signed By Governor2021-2022 Legislative Session
Sponsored By
CYMBROWITZ
Archive: Last Bill Status - Signed by Governor
- 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
2021-A8749 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7831
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd §32-a, Priv Hous Fin L (as proposed in S.7079 & A.7637)
2021-A8749 (ACTIVE) - Summary
Authorizes additional supervision and regulation of mutual companies relating to requiring members of a board of directors of a mutual company to complete training regarding the financial oversight, accountability and fiduciary responsibilities of a board member and the powers, functions and duties of a board of directors of a mutual company.
2021-A8749 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8749 I N A S S E M B L Y January 11, 2022 ___________ Introduced by M. of A. CYMBROWITZ -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to author- izing additional supervision and regulation of mutual companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 10, 11, 12, 13 and 14 of section 32-a of the private housing finance law, as added by a chapter of the laws of 2021, amending the private housing finance law relating to authorizing addi- tional supervision and regulation of limited-profit housing companies, as proposed in legislative bills numbers S. 7079 and A. 7637, are amended to read as follows: 10. Require every voting member of a board of directors of a MUTUAL company subject to the provisions of this article, elected or appointed for a term beginning on or after the effective date of this subdivision, to complete, within the first year of his or her term and at least once every three years thereafter, a minimum of two hours of training, in person or virtually, as the commissioner or supervising agency, as the case may be, may deem appropriate on the financial oversight, account- ability and fiduciary responsibilities of a board member; and to require every voting member of a board of directors of a MUTUAL company subject to the provisions of this article, elected or appointed for a term beginning before the effective date of this subdivision, to complete such training within one year of the effective date of this subdivision and at least once every three years thereafter. 11. Require every voting member of a board of directors of a MUTUAL company subject to the provisions of this article, elected or appointed for a term beginning on or after the effective date of this subdivision, to complete, within the first year of his or her term and at least once every three years thereafter, in addition to the training required by subdivision ten of this section, a training course, in person or virtu- ally, as the commissioner or supervising agency, as the case be, may deem appropriate, to acquaint him or her with the powers, functions and duties of a board of directors of a MUTUAL company subject to the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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