New York S 2408: Prohibits sex offenders from being entitled to licenses as state certified and licensed real estate appraisers

Bill Text

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S02408 Summary:

BILL NOS02408 

&nbsp

SAME ASNo Same As

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SPONSORSEPULVEDA

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COSPNSR

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MLTSPNSR

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Add §96-a, St Fin L

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Relates to creating the Puerto Rican relief account which shall consist of all recovery and relief funds provided by the federal government to the Commonwealth of Puerto Rico under the Bipartisan Budget Act of 2018.

Go to top S02408 Actions:

BILL NOS02408 

&nbsp

01/17/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS02408 Committee&nbspVotes:

Go to topS02408 Floor&nbspVotes:

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

Go to topS02408 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2408

 2025-2026 Regular Sessions

 IN SENATE

 January 17, 2025
 ___________

 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Finance

 AN ACT to amend the state finance law, in relation to creating the Puer-
 to Rican relief account; and providing for the repeal of such
 provisions upon expiration thereof

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

 1 Section 1. The state finance law is amended by adding a new section
 2 96-a to read as follows:
 3 § 96-a. Puerto Rican relief account. 1. There is hereby established
 4 at the request of the Commonwealth of Puerto Rico and in the custody of
 5 the comptroller a special account to be known as the "Puerto Rican
 6 relief account".
 7 2. The sources of funds shall consist of all recovery and relief funds
 8 provided by the federal government to the Commonwealth of Puerto Rico
 9 under the Bipartisan Budget Act of 2018.
 10 3. (a) The comptroller shall invest such funds in securities in which
 11 such comptroller is authorized by law to invest the funds of the state,
 12 except that such comptroller may invest in obligations consisting of
 13 notes, bonds, debentures, or equipment trust certificates issued under
 14 an indenture, which are the direct obligations of, or in the case of
 15 equipment trust certificates are secured by direct obligations of, a
 16 railroad or industrial corporation, or a corporation engaged directly
 17 and primarily in the production, transportation, distribution, or sale
 18 of electricity or gas, or the operation of telephone or telegraph
 19 systems or waterworks, or in some combination of them; provided the
 20 obligor corporation is one which is incorporated under the laws of the
 21 United States, or any state thereof, or of the District of Columbia, and
 22 said obligations shall be rated at the time of purchase within the three
 23 highest classifications established by at least two standard rating
 24 services. The maximum amount that the comptroller may invest in such

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06390-01-5

 S. 2408 2

 1 obligations shall not exceed thirty per centum of the assets of such
 2 account; and provided further that not more than two and one-half per
 3 centum of the assets of such account shall be invested in the obli-
 4 gations of any one corporation of the highest classification and subsid-
 5 iary or subsidiaries thereof, that not more than two per centum of the
 6 assets of such account shall be invested in the obligations of any one
 7 corporation of the second highest classification and subsidiary or
 8 subsidiaries thereof, that not more than one and one-half per centum of
 9 such account shall be invested in the obligations of any one corporation
 10 of the third highest classification and subsidiary or subsidiaries ther-
 11 eof. The comptroller shall, however, be subject to all terms, condi-
 12 tions, limitations and restrictions imposed by law upon the making of
 13 such investments. The comptroller shall have full power:
 14 (i) To hold, purchase, sell, assign, transfer or dispose of any of the
 15 securities or investments, in which any assets of such account shall be
 16 invested, including the proceeds of such investments and any monies
 17 belonging to such account, and
 18 (ii) In such comptroller's name as trustee, to foreclose mortgages
 19 upon default or to take title to real property in such proceedings in
 20 l