S T A T E O F N E W Y O R K
________________________________________________________________________
881
2025-2026 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 8, 2025
___________
Introduced by M. of A. ROSENTHAL, DAVILA, EPSTEIN -- read once and
referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to when the
voluntary dissolution of a mutual company shall be permitted
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 2 of section 35 of the private housing finance
law, as amended by chapter 229 of the laws of 1989, is amended to read
as follows:
2. A company, OTHER THAN A MUTUAL COMPANY, aided by a loan made after
May first, nineteen hundred fifty-nine, may voluntarily be dissolved,
without the consent of the commissioner or of the supervising agency, as
the case may be, not less than twenty years after the occupancy date
upon the payment in full of the remaining balance of principal and
interest due and unpaid upon the mortgage or mortgages and of any and
all expenses incurred in effecting such voluntary dissolution. IN THE
CASE OF A MUTUAL COMPANY AIDED BY A LOAN MADE AFTER MAY FIRST, NINETEEN
HUNDRED FIFTY-NINE, VOLUNTARY DISSOLUTION WITHOUT THE CONSENT OF THE
COMMISSIONER OR OF THE SUPERVISING AGENCY IS PERMITTED ONLY AFTER ITS
MUNICIPAL TAX EXEMPTION, AND ANY GRANT OF AN EXTENSION THEREOF, SHALL
HAVE EXPIRED.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03221-01-5
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