S T A T E   O F   N E W   Y O R K
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                                   681

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             January 7, 2015
                               ___________

Introduced  by  M. of A. ROSENTHAL, MOSLEY, GOTTFRIED -- Multi-Sponsored
  by -- M. of A. FARRELL -- read once and referred to the  Committee  on
  Housing

AN ACT to amend the private housing finance law, in relation to when the
  voluntary dissolution of a mutual company shall be permitted

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

  Section 1. Subdivision 2 of section 35 of the private housing  finance
law,  as  amended by chapter 229 of the laws of 1989, is amended to read
as follows:
  2. A company, OTHER THAN A MUTUAL COMPANY, aided by a loan made  after
May  first,  nineteen  hundred fifty-nine, may voluntarily be dissolved,
without the consent of the commissioner or of the supervising agency, as
the case may be, not less than twenty years  after  the  occupancy  date
upon  the  payment  in  full  of  the remaining balance of principal and
interest due and unpaid upon the mortgage or mortgages and  of  any  and
all  expenses  incurred in effecting such voluntary dissolution.  IN THE
CASE OF A MUTUAL COMPANY AIDED BY A LOAN MADE AFTER MAY FIRST,  NINETEEN
HUNDRED  FIFTY-NINE,  VOLUNTARY  DISSOLUTION  WITHOUT THE CONSENT OF THE
COMMISSIONER OR OF THE SUPERVISING AGENCY IS PERMITTED  ONLY  AFTER  ITS
MUNICIPAL  TAX  EXEMPTION,  AND ANY GRANT OF AN EXTENSION THEREOF, SHALL
HAVE EXPIRED.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04149-01-5