New York A 881: Relates to the permitted voluntary dissolution of a mutual company

Bill Text

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A00881 Summary:

BILL NOA00881 

&nbsp

SAME ASNo Same As

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SPONSORRosenthal

&nbsp

COSPNSRDavila, Epstein

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MLTSPNSR

&nbsp

Amd §35, Priv Hous Fin L

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Relates to the permitted voluntary dissolution of a mutual company.

Go to top A00881 Actions:

BILL NOA00881 

&nbsp

01/08/2025referred to housing

01/07/2026referred to housing

Go to topA00881 Committee&nbspVotes:

Go to topA00881 Floor&nbspVotes:

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

Go to topA00881 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 881

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. 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:

 1 Section 1. Subdivision 2 of section 35 of the private housing finance
 2 law, as amended by chapter 229 of the laws of 1989, is amended to read
 3 as follows:
 4 2. A company, other than a mutual company, aided by a loan made after
 5 May first, nineteen hundred fifty-nine, may voluntarily be dissolved,
 6 without the consent of the commissioner or of the supervising agency, as
 7 the case may be, not less than twenty years after the occupancy date
 8 upon the payment in full of the remaining balance of principal and
 9 interest due and unpaid upon the mortgage or mortgages and of any and
 10 all expenses incurred in effecting such voluntary dissolution. In the
 11 case of a mutual company aided by a loan made after May first, nineteen
 12 hundred fifty-nine, voluntary dissolution without the consent of the
 13 commissioner or of the supervising agency is permitted only after its
 14 municipal tax exemption, and any grant of an extension thereof, shall
 15 have expired.
 16 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03221-01-5

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