Senate Bill S6916

2013-2014 Legislative Session

Relates to the permitted voluntary dissolution of a mutual company

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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

2013-S6916 (ACTIVE) - Details

See Assembly Version of this Bill:
A8358
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: S3558, A681
2017-2018: S2369, A4148
2019-2020: A1172
2021-2022: A2058
2023-2024: A490

2013-S6916 (ACTIVE) - Summary

Relates to the permitted voluntary dissolution of a mutual company.

2013-S6916 (ACTIVE) - Sponsor Memo

2013-S6916 (ACTIVE) - Bill Text download pdf 

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

                                  6916

                            I N  S E N A T E

                             March 31, 2014
                               ___________

Introduced by Sen. ESPAILLAT -- 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 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.
                                                           LBD13256-01-3

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.