Assembly Bill A6948

2019-2020 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

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2019-A6948 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Authorities Law
Laws Affected:
Amd §2404, add §2405-g, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4521
2011-2012: A2520
2013-2014: A3211
2015-2016: A3186
2017-2018: A3283
2021-2022: A5637
2023-2024: A4843

2019-A6948 (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.

2019-A6948 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6948
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 27, 2019
                                ___________
 
 Introduced  by  M.  of A. FITZPATRICK, RA, GIGLIO, BARCLAY, BLANKENBUSH,
   TAGUE, SALKA -- Multi-Sponsored by --  M.  of  A.  CROUCH,  DeSTEFANO,
   MANKTELOW,  McDONOUGH,  RAIA,  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 33 of section 2404 of  the  public  authorities
 law,  as  renumbered  by  chapter  72 of the laws of 2016, is renumbered
 subdivision 34 and a new subdivision 33 is added to read as follows:
   (33) TO ESTABLISH AND ADMINISTER A HOME  EQUITY  PROTECTION  INSURANCE
 PROGRAM  IN  ACCORDANCE  WITH SECTION TWENTY-FOUR HUNDRED FIVE-G OF THIS
 PART.
   § 2. The public authorities law is amended by  adding  a  new  section
 2405-g to read as follows:
   §  2405-G. 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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