STATE OF NEW YORK
________________________________________________________________________
1172
2019-2020 Regular Sessions
IN ASSEMBLY
January 14, 2019
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Introduced by M. of A. L. ROSENTHAL, MOSLEY, GOTTFRIED, DAVILA --
Multi-Sponsored by -- M. of A. ORTIZ -- 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.
LBD03131-01-9
