Assembly Bill A10581

2015-2016 Legislative Session

Relates to requirements for coverage by mortgage guaranty insurance

download bill text pdf

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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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2015-A10581 (ACTIVE) - Details

See Senate Version of this Bill:
S6693
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง6503, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S4832
2017-2018: A1953, S1478

2015-A10581 (ACTIVE) - Summary

Relates to mortgage guaranty insurance; removes requirement that mortgage guaranty insurers restrict their coverage, net of applicable reinsurance, to twenty-five percent of the total indebtedness to an insured.

2015-A10581 (ACTIVE) - Bill Text download pdf 

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

                                  10581

                          I N  A S S E M B L Y

                              June 7, 2016
                               ___________

Introduced  by  COMMITTEE  ON  RULES -- (at request of M. of A. Moya) --
  read once and referred to the Committee on Insurance

AN ACT to amend the insurance law,  in  relation  to  mortgage  guaranty
  insurance

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

  Section 1. Subsection (c) of section 6503 of  the  insurance  law,  as
amended  by  chapter  661  of  the  laws  of 1994, is amended to read as
follows:
  (c) A mortgage insurer providing coverage on loans secured by a  first
lien on real estate [shall limit its coverage net of applicable reinsur-
ance  to  a maximum of twenty-five percent of the entire indebtedness to
the insured, or in lieu thereof, a mortgage insurer] may  elect  to  pay
the  entire indebtedness to the insured and acquire title to the author-
ized real estate security. A  mortgage  insurer  providing  coverage  on
loans  secured by a junior lien on real estate [shall limit its coverage
net of applicable reinsurance to a maximum of twenty-five percent of the
combined indebtedness of all existing mortgage loan amounts at the  time
the  loan is made secured by all liens or charges on the real estate, or
in lieu thereof, a mortgage insurer] may elect to insure a portfolio  of
loans secured by instruments constituting a junior lien on real estate[,
provided  that the total amount at risk in any one pool shall not at any
time exceed twenty percent of  the  original  principal  mortgage  loans
insured].
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13959-01-6

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