Senate Bill S4037A

2013-2014 Legislative Session

Authorizes the establishment of the home equity protection insurance program

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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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Bill Amendments

2013-S4037 - Details

See Assembly Version of this Bill:
A3211
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2404, add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1095, A4521
2011-2012: S763, A2520
2015-2016: S2274, A3186
2017-2018: S453, A3283
2019-2020: S929, A6948
2021-2022: A5637
2023-2024: A4843

2013-S4037 - 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.

2013-S4037 - Sponsor Memo

2013-S4037 - Bill Text download pdf

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

                                  4037

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 5, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

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  30 of section 2404 of the public authorities
law, as renumbered by chapter 229 of the laws  of  2007,  is  renumbered
subdivision 31 and a new subdivision 30 is added to read as follows:
  (30)  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.
                                                           LBD05956-01-3
              

2013-S4037A (ACTIVE) - Details

See Assembly Version of this Bill:
A3211
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2404, add §2405-f, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1095, A4521
2011-2012: S763, A2520
2015-2016: S2274, A3186
2017-2018: S453, A3283
2019-2020: S929, A6948
2021-2022: A5637
2023-2024: A4843

2013-S4037A (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.

2013-S4037A (ACTIVE) - Sponsor Memo

2013-S4037A (ACTIVE) - Bill Text download pdf

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

                                 4037--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 5, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and  Commissions  --  recommitted  to  the  Committee on Corporations,
  Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05956-02-4
              

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