Assembly Bill A490

2023-2024 Legislative Session

Relates to the permitted voluntary dissolution of a mutual company

download bill text pdf

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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-A490 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §35, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8358
2015-2016: A681
2017-2018: A4148
2019-2020: A1172
2021-2022: A2058

2023-A490 (ACTIVE) - Summary

Relates to the permitted voluntary dissolution of a mutual company.

2023-A490 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    490
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2023
                                ___________
 
 Introduced  by  M.  of A. L. ROSENTHAL, DAVILA, EPSTEIN -- 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.
                                                            LBD00914-01-3

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