Bill Text: NY S03491 | 2009-2010 | General Assembly | Introduced

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Bill Title: Provides a definition of the word "timely" for purposes of real property insurance escrow accounts.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO BANKS [S03491 Detail]

Download: New_York-2009-S03491-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3491
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    March 20, 2009
                                      ___________
       Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Banks
       AN ACT to amend the banking law, in relation to the  definition  of  the
         word "timely" for real property insurance escrow accounts
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 1 of section 6-k of the banking law is  amended
    2  by adding a new paragraph (f) to read as follows:
    3    (F) "TIMELY" SHALL MEAN TEN DAYS PRIOR TO THE DATE ON WHICH REAL PROP-
    4  ERTY INSURANCE PREMIUMS ARE DUE AND PAYABLE.
    5    S  2.  This  act shall take effect on the ninetieth day after it shall
    6  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00317-01-9