NY State Senate Bill 2011-S6900

Senate Bill S6900

Signed By Governor

2011-2012 Legislative Session

Relates to the powers of the state of New York mortgage agency, to extend the provisions thereof

download bill text pdf

Archive: Last Bill Status Via A10049 - Signed by Governor

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

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Aug 01, 2012	signed chap.327
Jul 20, 2012	delivered to governor
Jun 21, 2012	returned to assembly passed senate 3rd reading cal.1469 substituted for s6900
Jun 21, 2012	substituted by a10049 ordered to third reading cal.1469
Jun 20, 2012	committee discharged and committed to rules
Apr 09, 2012	referred to corporations, authorities and commissions

Votes

- Jun 21, 2012 - Floor Vote
  A10049
  
  60
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 21, 2012
      
      aye (60)
      
      Adams
      
      Addabbo Jr.
      
      Alesi
      
      Avella
      
      Ball
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Farley
      
      Flanagan
      
      Fuschillo
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hassell-Thompson
      
      Johnson
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Libous
      
      Little
      
      Marcellino
      
      Martins
      
      Maziarz
      
      McDonald
      
      Montgomery
      
      Nozzolio
      
      O'Mara
      
      Oppenheimer
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Saland
      
      Sampson
      
      Savino
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Storobin
      
      Valesky
      
      Young
      
      Zeldin
      
      excused (2)
      
      Espaillat
      
      Huntley
  Jun 21, 2012 - Rules Committee Vote
  S6900
  
  23
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  1
  
  Abstained
  - - Rules Committee Vote: Jun 21, 2012
      
      aye (23)
      
      Alesi
      
      Breslin
      
      Dilan
      
      Farley
      
      Fuschillo
      
      Hannon
      
      Hassell-Thompson
      
      Johnson
      
      Krueger
      
      LaValle
      
      Larkin
      
      Libous
      
      Marcellino
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      Parker
      
      Perkins
      
      Saland
      
      Sampson
      
      Seward
      
      Skelos
      
      Smith
      
      aye wr (1)
      
      Duane
      
      abstained (1)
      
      Stewart-Cousins

2011-S6900 (ACTIVE) - Details

See Assembly Version of this Bill:: A10049
Law Section:: Public Authorities
Laws Affected:: Amd §4, Chap 208 of 2010

2011-S6900 (ACTIVE) - Summary

Relates to the powers of the state of New York mortgage agency and extending the provisions thereof.

2011-S6900 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S6900

TITLE OF BILL:

An act to amend chapter 208 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 the sunset provision for a period of two years
legislation that established a statutory definition of government spon-
sored enterprises ("GSE") in connection with the second lien program of
the State of New York Mortgage Agency ("SONYMA"). Such legislation
authorized SONYMA to purchase second mortgage loans where the first
mortgage loan was not also purchased by SONYMA but was instead purchased
by a GSE.

SUMMARY OF PROVISIONS:

Section 1 of the bill would extend, until December 31, 2014, the present
sunset date of December 31, 2012 of the definition of government spon-
sored enterprises.

Section 2 of the bill provides for an immediate effective date.

EXISTING LAW:

SONYMA is authorized through December 31, 2012 to purchase second mort-
gage loans made simultaneously and with respect to the same secured
property as a first or senior mortgage that is purchased by a GSE.

PRIOR LEGISLATIVE HISTORY:

This definition was originally amended by Chapter 432 of the Laws of
2009 and extended by Chapter 208 of the Laws of 2010.

STATEMENT IN SUPPORT:

In 2010, SONYMA was authorized to purchase and insure second mortgages
only where the second mortgage is made simultaneously and with respect
to the same secured property as a first or senior mortgage that is
purchased by a GSE. This authority greatly helps the housing market. In
order for this authority to continue, the definition of GSEs, must be
extended.

BUDGET IMPLICATIONS:

None.

EFFECTIVE DATE:

This bill takes effect immediately.

2011-S6900 (ACTIVE) - Bill Text download pdf

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

                                  6900

                            I N  S E N A T E

                              April 9, 2012
                               ___________

Introduced  by  Sen.  YOUNG  -- (at request of the Division of Housing &
  Community Renewal) -- read twice and ordered printed, and when printed
  to be committed to the  Committee  on  Corporations,  Authorities  and
  Commissions

AN  ACT  to  amend  chapter  208 of the laws of 2010 amending the public
  authorities law relating to the powers of the state of New York  mort-
  gage agency, in relation to extending the provisions thereof

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

  Section 1. Section 4 of chapter 208 of the laws of 2010  amending  the
public  authorities  law relating to the powers of the state of New York
mortgage agency, is amended to read as follows:
  S 4. This act shall take effect immediately, provided that the  amend-
ments  to  subdivision  5  of section 2402 of the public authorities law
made by section one of this act shall be subject to the  expiration  and
reversion  of  such subdivision pursuant to section 16 of chapter 915 of
the laws of 1982, as amended, when upon  such  date  the  provisions  of
section  two  of  this act shall take effect; further provided that this
act shall expire and be deemed repealed December 31, [2012] 2014.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14300-01-2

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