Senate Bill S3558

2015-2016 Legislative Session

Relates to the permitted voluntary dissolution of a mutual company

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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

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2015-S3558 (ACTIVE) - Details

See Assembly Version of this Bill:
A681
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:
2013-2014: S6916, A8358
2017-2018: S2369, A4148
2019-2020: A1172
2021-2022: A2058
2023-2024: A490

2015-S3558 (ACTIVE) - Summary

Relates to the permitted voluntary dissolution of a mutual company.

2015-S3558 (ACTIVE) - Sponsor Memo

2015-S3558 (ACTIVE) - Bill Text download pdf 

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

                                  3558

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 12, 2015
                               ___________

Introduced  by  Sens.  ESPAILLAT, DILAN, HOYLMAN, KRUEGER, MONTGOMERY --
  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.
                                                           LBD04149-01-5

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