S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1172
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2019
                                ___________
 
 Introduced  by  M.  of  A.  L. ROSENTHAL,  MOSLEY,  GOTTFRIED, DAVILA --
   Multi-Sponsored by -- M. of A. ORTIZ -- read once and referred to  the
   Committee on Housing
 
 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.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03131-01-9