Assembly Bill A4500

2023-2024 Legislative Session

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

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Current 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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2023-A4500 (ACTIVE) - Details

See Senate Version of this Bill:
S4539
Current Committee:
Assembly 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
2021-2022: A8574, S2761

2023-A4500 (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.

2023-A4500 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4500
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2023
                                ___________
 
 Introduced  by  M.  of A. EPSTEIN, DE LOS SANTOS, JACKSON -- Multi-Spon-
   sored by -- M. of A. SIMON -- read once and referred 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 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.
                                                            LBD06026-01-3
 A. 4500                             2
              

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