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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Substituted by A9735
- Advanced to third reading
- 2nd report cal.
- 1st report cal.782
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the powers of the state of New York mortgage agency
Signed by Governor · Sponsor Keith L.T. Wright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7162
Title of bill
An act to amend chapter 246 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to extending the provisions thereof
Purpose of the Bill:
This bill would extend from June 30, 2014 to July 23, 2015 legislation granting the State of New York Mortgage Agency-Mortgage Insurance Fund ("MIF") authority to insure the full principal amount of certain preservation loans.
Summary of Provisions:
Section 1 of the bill would extend until July 23, 2015, the present sunset date of June 30, 2014 with the authorization of MIF to provide one hundred percent mortgage insurance on certain loans extended for the sole purpose of refinancing existing indebtedness which relate to over leveraged multi-family residential buildings.
Section 2 of the bill provides for an immediate effective date.
Existing Law:
MIF is authorized through June 30, 2014 to provide one hundred percent mortgage insurance on certain loans extended for the sole purpose of refinancing existing indebtedness which relate to over leveraged multi-family residential buildings.
Prior Legislative History:
See Chapter 162 of the Laws of 2012 and Chapter 246 of the Laws of 2010.
Statement in Support:
This bill would extend for two years MIF's authority to provide one hundred percent mortgage insurance on certain loans extended for the sole purpose of refinancing existing indebtedness which relate to over leveraged multi-family residential buildings. In order for this power to continue to be exercisable by the MIF, the sunset provision, which currently sunsets on June 30, 2014, must be extended.
Budget Implications:
None.
Local Impact:
None.
Effective Date:
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.