New York S 1082: Relates to instruction concerning traffic stops

Bill Text

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S01082 Summary:

BILL NOS01082 

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SAME ASNo Same As

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SPONSORRAMOS

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COSPNSRMAY

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MLTSPNSR

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Add Art 10-D Title 4 §§3974 & 3975, Pub Auth L; add §92-j, St Fin L; rpld Art 64, Ins L

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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.

Go to top S01082 Actions:

BILL NOS01082 

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01/08/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS01082 Committee&nbspVotes:

Go to topS01082 Floor&nbspVotes:

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

Go to topS01082 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1082

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. RAMOS, MAY -- read twice and ordered printed, and
 when printed to be committed to the Committee on Corporations, Author-
 ities 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:

 1 Section 1. Legislative findings. The legislature finds and declares
 2 that a state title guaranty program promotes land title stability and a
 3 low-cost mechanism to provide for guaranties of real property titles in
 4 New York state. The title guaranty corporation established by this act
 5 will facilitate developers', homebuyers', and mortgage lenders' partic-
 6 ipation and add to the integrity of the land-title transfer system in
 7 the state.
 8 § 2. Article 10-D of the public authorities law is amended by adding a
 9 new title 4 to read as follows:
 10 TITLE 4
 11 NEW YORK TITLE GUARANTY PROGRAM
 12 Section 3974. New York title guaranty program.
 13 3975. New York title guaranty corporation.
 14 § 3974. New York title guaranty program. (a) There is hereby created
 15 the New York title guaranty program to initiate and operate a program
 16 which shall offer guaranties of real property titles in this state. The
 17 program shall be authorized and administered by a new state corporation
 18 entitled the New York title guaranty corporation. The corporation shall
 19 determine the terms, conditions, and form of the guaranty contract. The
 20 corporation shall fix a charge for the guaranty in an amount sufficient
 21 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.
 LBD03196-01-5

 S. 1082 2

 1 payment of administrative costs and the maintenance of an adequate
 2 reserve against claims under the New York title guaranty program.
 3 (b) A title guaranty or gap coverage issued under this program is an
 4 obligation of the corporation only and claims are payable solely and
 5 only out of the moneys, assets, and revenues of the title guaranty fund
 6 established and held by the corporation and are not an indebtedness or
 7 liability of the state. The state shall not be liable on any guaranty or
 8 gap coverage.
 9 (c) The corporation shall consult with the department of financial
 10 services in developing a guaranty contract and developing any other
 11 feature of the program with which the department of financial services
 12 may have special expertise.
 13 (d) Each participating attorney and abstractor may be required to pay
 14 an annual participation fee to be eligible to participate in the New
 15 York title guaranty program. The fee, if any, shall be set by the corpo-
 16 ration.
 17 (e) The participation of abstractors and attorneys shall be in accord-
 18 ance with rules established by the corporation and adopted by the
 19 program pursuant to the state administrative procedure act, including
 20 rules for the payment of reasonable fees and costs of necessary
 21 services.
 22 (1) (A) Each participant shall at all times maintain liability cover-
 23 age