New York S 2554: Requires the New York city landmarks preservation commission grant historic district designation to the Broadway/Flushing neighborhood

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S02554 Summary:

BILL NOS02554 

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SAME ASSAME AS A03739

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SPONSORCOMRIE

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COSPNSR

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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 S02554 Actions:

BILL NOS02554 

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01/21/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

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

Go to topS02554 Committee&nbspVotes:

Go to topS02554 Floor&nbspVotes:

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

Go to topS02554 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2554

 2025-2026 Regular Sessions

 IN SENATE

 January 21, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed 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

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

 S. 2554 2

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