Bill Text: NY S05396 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to powers of the agency; allows agency to exercise powers when its obligations are purchased by certain financial institutions.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-09-23 - SIGNED CHAP.575 [S05396 Detail]
Download: New_York-2011-S05396-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5396
2011-2012 Regular Sessions
I N S E N A T E
May 17, 2011
___________
Introduced by Sens. LIBOUS, YOUNG -- read twice and ordered printed, and
when printed to be committed to the Committee on Housing, Construction
and Community Development
AN ACT to amend the private housing finance law, in relation to powers
of the agency
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph 3 of subdivision 29-a of section 44 of the
2 private housing finance law, as amended by chapter 474 of the laws of
3 1987, is amended to read as follows:
4 (3) The powers granted by this subdivision may be exercised only if
5 (a) obligations of the agency have been issued to fund the loan made or
6 purchased by the agency and such obligations have received an investment
7 grade rating from a recognized rating agency [or]; (b) the loan made or
8 purchased by the agency is fully secured as to principal and interest by
9 insurance or a commitment to insure issued by the state of New York
10 mortgage agency or by the general credit of a bank, national bank, trust
11 company, savings bank, savings and loan association, insurance company,
12 governmental agency of the United States, or any combination thereof; OR
13 (C) OBLIGATIONS OF THE AGENCY ARE PURCHASED BY A BANK, NATIONAL BANK,
14 TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, INSURANCE
15 COMPANY, GOVERNMENTAL AGENCY OF THE UNITED STATES, OR ANY WHOLLY-OWNED
16 SUBSIDIARY OR COMBINATION THEREOF.
17 S 2. Paragraph 3 of subdivision 23-c of section 654 of the private
18 housing finance law, as added by chapter 702 of the laws of 1992, is
19 amended to read as follows:
20 (3) The powers granted by this subdivision may be exercised only if
21 (a) obligations of the corporation have been issued to fund the loan
22 made or purchased by the corporation and such obligations have received
23 an investment grade rating from a recognized rating agency [or]; (b) the
24 loan made or purchased by the corporation is fully secured as to princi-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11485-01-1
S. 5396 2
1 pal and interest by insurance or a commitment to insure by the state of
2 New York mortgage agency or New York city residential mortgage insurance
3 corporation or by the general credit of a bank, national bank, trust
4 company, savings bank, savings and loan association, insurance company,
5 governmental agency of the United States, or any combination thereof; OR
6 (C) OBLIGATIONS OF THE CORPORATION ARE PURCHASED BY A BANK, NATIONAL
7 BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, INSUR-
8 ANCE COMPANY, GOVERNMENTAL AGENCY OF THE UNITED STATES, OR ANY
9 WHOLLY-OWNED SUBSIDIARY OR COMBINATION THEREOF.
10 S 3. This act shall take effect immediately; provided, however that
11 the amendments to subdivision 29-a of section 44 of the private housing
12 finance law made by section one of this act shall not affect the repeal
13 of such subdivision and shall be deemed repealed therewith; and
14 provided, further, that the amendments to subdivision 23-c of section
15 654 of the private housing finance law made by section two of this act
16 shall not affect the repeal of such subdivision and shall be deemed
17 repealed therewith.
