New York A 3739: Creates the New York title guaranty authority

Bill Text

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A03739 Summary:

BILL NOA03739 

&nbsp

SAME ASSAME AS S02554

&nbsp

SPONSORWeprin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Add Art 10-D Title 4 §§3974 - 3980, Pub Auth L

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Creates the New York title guaranty authority to initiate and operate a program which shall offer guaranties of real property titles in this state.

Go to top A03739 Actions:

BILL NOA03739 

&nbsp

01/30/2025referred to corporations, authorities and commissions

01/07/2026referred to corporations, authorities and commissions

Go to topA03739 Committee&nbspVotes:

Go to topA03739 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03739 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3739

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Corporations, Authorities and Commissions

 AN ACT to amend the public authorities law, in relation to creating the
 New York title guaranty authority

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Article 10-D of the public authorities law is amended by
 2 adding a new title 4 to read as follows:
 3 TITLE 4
 4 NEW YORK TITLE GUARANTY AUTHORITY
 5 Section 3974. Short title.
 6 3975. New York title guaranty authority.
 7 3976. Administration of the authority.
 8 3977. General powers of the authority.
 9 3978. Special powers of the authority.
 10 3979. New York title guaranty fund.
 11 3980. Participating attorneys.
 12 § 3974. Short title. This act shall be known and may be cited as the
 13 "New York Title Guaranty Authority Act".
 14 § 3975. New York title guaranty authority. 1. There is hereby created
 15 the New York title guaranty authority, to initiate and operate a program
 16 which shall offer guaranties of real property titles in this state. The
 17 authority shall be a corporate governmental agency and instrumentality
 18 of the state constituting a public benefit corporation.
 19 2. In accordance with the provisions of this title, the authority may
 20 issue bonds only to finance costs, including the funding of bonds issued
 21 by the authority to finance costs, and fund reserves to secure such
 22 bonds.
 23 3. The authority and its corporate existence shall continue until
 24 terminated by law, provided, however, that no such termination shall
 25 take effect so long as the authority shall have bonds or other obli-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05016-01-5

 A. 3739 2

 1 gations outstanding unless adequate provision has been made for the
 2 payment thereof.
 3 § 3976. Administration of the authority. 1. The authority shall be
 4 administered by seven directors appointed by the governor, of whom two
 5 members shall be appointed upon the recommendation of the temporary
 6 president of the senate and two members shall be appointed upon the
 7 recommendation of the speaker of the assembly. The powers as set forth
 8 in the by-laws of the board shall be established and vested in and be
 9 exercised by the members of the authority at an initial meeting duly
 10 called and held and four members shall constitute a quorum.
 11 2. The members of the New York title guaranty authority board shall
 12 receive no compensation for their services but shall be reimbursed for
 13 actual and necessary expenses incurred in the performance of their
 14 duties.
 15 3. Notwithstanding any inconsistent provision of any general, special
 16 or local law, ordinance, resolution or charter, no officer, member or
 17 employee of the state of New York, any city, county, town or village,
 18 any governmental entity operating any public school or college, any
 19 school district or any other public agency or instrumentality which
 20 exercises governmental powers under the laws of the state, shall forfeit
 21 their office or employment by reason of their acceptance of appointment
 22 as a director, officer or employee of the authority, nor shall service
 23 as such director, officer or employee of the authority be deemed incom-
 24 patible or in conflict with such office or employment.
 25 4. Four directors shall constitute