Assembly Bill A3186

2015-2016 Legislative Session

Authorizes the establishment of the home equity protection insurance program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2015-A3186 (ACTIVE) - Details

See Senate Version of this Bill:
S2274
Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Amd §2404, add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4521, S1095
2011-2012: A2520, S763
2013-2014: A3211, S4037
2017-2018: A3283, S453
2019-2020: A6948, S929
2021-2022: A5637
2023-2024: A4843

2015-A3186 (ACTIVE) - Summary

Authorizes the establishment of the home equity protection insurance program directing the agency to issue a commitment to insure and insure the full value of certain residences which are owner-occupied by persons who meet certain income qualifications.

2015-A3186 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3186

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2015
                               ___________

Introduced by M. of A. FITZPATRICK, BARCLAY, RA -- Multi-Sponsored by --
  M.  of  A. CROUCH, GIGLIO, McDONOUGH, RAIA, SALADINO, TEDISCO, TENNEY,
  THIELE -- read once and referred to the Committee on Housing

AN ACT to amend the public authorities law, in relation to  establishing
  a home equity protection insurance program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 31 of section 2404 of  the  public  authorities
law,  as  renumbered  by  chapter 151 of the laws of 2013, is renumbered
subdivision 32 and a new subdivision 31 is added to read as follows:
  (31) TO ESTABLISH AND ADMINISTER A HOME  EQUITY  PROTECTION  INSURANCE
PROGRAM  IN  ACCORDANCE  WITH SECTION TWENTY-FOUR HUNDRED FIVE-F OF THIS
PART.
  S 2. The public authorities law is amended by  adding  a  new  section
2405-f to read as follows:
  S  2405-F. HOME EQUITY PROTECTION INSURANCE PROGRAM. (1) THE AGENCY IS
HEREBY DIRECTED, TO THE EXTENT IT FINDS PRACTICABLE, TO ESTABLISH A HOME
EQUITY PROTECTION INSURANCE PROGRAM WHEREBY IT WILL ISSUE  A  COMMITMENT
TO  INSURE  AND INSURE THE FULL VALUE OF A ONE-TO-FOUR FAMILY RESIDENCE,
INCLUDING A CONDOMINIUM AND A COOPERATIVE, THAT IS OWNER-OCCUPIED BY ANY
PERSON OR PERSONS WHO MEET  THE  INCOME  QUALIFICATIONS  FOR  A  FORWARD
COMMITMENT  MORTGAGE  PURSUANT  TO SECTION TWENTY-FOUR HUNDRED FIVE-B OF
THIS PART. THE FULL VALUE OF THE  RESIDENTIAL  REAL  PROPERTY  SHALL  BE
DETERMINED  BY  EITHER  ITS  PURCHASE PRICE, THE PURCHASE PRICE PLUS THE
COST OF ANY REHABILITATION TO THE RESIDENCE, OR AN APPRAISAL. THE INSUR-
ANCE SHALL BE ISSUED BY THE AGENCY AFTER THE PURCHASE OR  THE  REHABILI-
TATION  OF  THE  REAL PROPERTY UPON PAYMENT OF A PREMIUM THAT THE AGENCY
SHALL DETERMINE.
  (2) UPON THE SALE OF THE RESIDENTIAL REAL PROPERTY THAT IS INSURED  BY
THE  AGENCY  THROUGH ITS HOME EQUITY INSURANCE PROGRAM, THE AGENCY SHALL
PAY THE POLICY HOLDER/OWNER THE DIFFERENCE BETWEEN THE FACE VALUE OF THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05797-01-5
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.