Senate Bill S2761A

2021-2022 Legislative Session

Establishes the New York title guaranty program and the New York title guaranty corporation; repealer

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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

2021-S2761 - Details

See Assembly Version of this Bill:
A8574
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add Art 10-D Title 4 §§3974 & 3975, Pub Auth L; add §92-j, St Fin L; rpld Art 64, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7744
2023-2024: S4539, A4500

2021-S2761 - Summary

Establishes the New York title guaranty program to provide title insurance for real property within the state; establishes the New York title guaranty corporation to implement the New York title guaranty program.

2021-S2761 - Sponsor Memo

2021-S2761 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2761
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2021
                                ___________
 
 Introduced  by  Sen.  RAMOS  -- 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 and the state finance law, in
   relation  to  establishing  the  New  York  title guaranty program; to
   establish the New  York  title  guaranty  commission;  and  to  repeal
   certain provisions of the insurance law relating thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings. The legislature  finds  and  declares
 that  a state title guaranty program promotes land title stability and a
 low-cost mechanism to provide for guarantees of real property titles  in
 New  York  state. The title guaranty corporation established by this act
 will facilitate developers', homebuyers', and mortgage lenders'  partic-
 ipation  and  add  to the integrity of the land-title transfer system in
 the state.
   § 2. Article 10-D of the public authorities law is amended by adding a
 new title 4 to read as follows:
                                   TITLE 4
                      NEW YORK TITLE GUARANTY PROGRAM
 SECTION 3974. NEW YORK TITLE GUARANTY PROGRAM.
         3975. NEW YORK TITLE GUARANTY CORPORATION.
 § 3974. NEW YORK TITLE GUARANTY PROGRAM. (A) THERE IS HEREBY CREATED THE
 NEW YORK TITLE GUARANTY PROGRAM TO INITIATE AND OPERATE A PROGRAM  WHICH
 SHALL  OFFER  GUARANTIES  OF  REAL  PROPERTY  TITLES  IN THIS STATE. THE
 PROGRAM SHALL BE AUTHORIZED AND ADMINISTERED BY A NEW STATE  CORPORATION
 ENTITLED THE NEW YORK TITLE GUARANTY CORPORATION.  THE CORPORATION SHALL
 DETERMINE  THE TERMS, CONDITIONS, AND FORM OF THE GUARANTY CONTRACT. THE
 CORPORATION SHALL FIX A CHARGE FOR THE GUARANTY IN AN AMOUNT  SUFFICIENT
 TO  PERMIT  THE PROGRAM TO OPERATE ON A SELF-SUSTAINING BASIS, INCLUDING

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06593-01-1
              

2021-S2761A (ACTIVE) - Details

See Assembly Version of this Bill:
A8574
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add Art 10-D Title 4 §§3974 & 3975, Pub Auth L; add §92-j, St Fin L; rpld Art 64, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7744
2023-2024: S4539, A4500

2021-S2761A (ACTIVE) - Summary

Establishes the New York title guaranty program to provide title insurance for real property within the state; establishes the New York title guaranty corporation to implement the New York title guaranty program.

2021-S2761A (ACTIVE) - Sponsor Memo

2021-S2761A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2761--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2021
                                ___________
 
 Introduced  by  Sen.  RAMOS  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and   Commissions  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the public authorities law and the state finance law, in
   relation to establishing the  New  York  title  guaranty  program;  to
   establish  the  New  York  title  guaranty  commission;  and to repeal
   certain provisions of the insurance law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Legislative  findings. The legislature finds and declares
 that a state title guaranty program promotes land title stability and  a
 low-cost  mechanism to provide for guaranties of real property titles in
 New York state. The title guaranty corporation established by  this  act
 will  facilitate developers', homebuyers', and mortgage lenders' partic-
 ipation and add to the integrity of the land-title  transfer  system  in
 the state.
   § 2. Article 10-D of the public authorities law is amended by adding a
 new title 4 to read as follows:
                                   TITLE 4
                      NEW YORK TITLE GUARANTY PROGRAM
 SECTION 3974. NEW YORK TITLE GUARANTY PROGRAM.
         3975. NEW YORK TITLE GUARANTY CORPORATION.
   §  3974.  NEW YORK TITLE GUARANTY PROGRAM. (A) THERE IS HEREBY CREATED
 THE NEW YORK TITLE GUARANTY PROGRAM TO INITIATE AND  OPERATE  A  PROGRAM
 WHICH  SHALL OFFER GUARANTIES OF REAL PROPERTY TITLES IN THIS STATE. THE
 PROGRAM SHALL BE AUTHORIZED AND ADMINISTERED BY A NEW STATE  CORPORATION
 ENTITLED THE NEW YORK TITLE GUARANTY CORPORATION.  THE CORPORATION SHALL
 DETERMINE  THE TERMS, CONDITIONS, AND FORM OF THE GUARANTY CONTRACT. THE
 CORPORATION SHALL FIX A CHARGE FOR THE GUARANTY IN AN AMOUNT  SUFFICIENT
 TO  PERMIT  THE PROGRAM TO OPERATE ON A SELF-SUSTAINING BASIS, INCLUDING
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06593-02-1
              

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