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A01297 Text:

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 14, 2019
        Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
          Committee on Housing
        AN ACT to amend the private housing finance  law,  in  relation  to  the
          supervision of certain limited profit housing companies
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 7 of section 32 of the private housing  finance
     2  law,  as  amended by chapter 550 of the laws of 1968, is amended to read
     3  as follows:
     4    7. Whenever the commissioner, in the case of a company undertaking  or
     5  otherwise operating a state-aided project, or the supervising agency, in
     6  the  case of a company undertaking or otherwise operating a municipally-
     7  aided project, shall be of the opinion that such company is  failing  or
     8  omitting,  or  is about to fail or omit to do anything required of it by
     9  law or by order of the commissioner or  is  doing  or  is  about  to  do
    10  anything,  or  permitting anything, or is about to permit anything to be
    11  done, contrary to and in violation of law or of any order, regulation or
    12  directive of the commissioner or the supervising agency, as the case may
    13  be, or which is improvident  or  prejudicial  to  the  interest  of  the
    14  public,  the  lienholders, the stockholders, or the tenants, the commis-
    15  sioner or the supervising agency, as the case may be, [may, in  addition
    16  to  such  other  remedies as may be available, commence] shall take such
    17  steps, as may be necessary and proper to effect such remedies as may  be
    18  available. Such remedy may include commencing an action or proceeding in
    19  the  supreme  court  of the state of New York in the name of the commis-
    20  sioner or the supervising agency, as the case may be, for the purpose of
    21  having such violations or threatened violations stopped  and  prevented,
    22  and  in  such  action or proceeding the court may appoint a temporary or
    23  permanent receiver or both. Such action or proceeding shall be commenced
    24  by a petition to the supreme court, alleging the violation complained of
    25  and praying for appropriate relief. It shall thereupon be  the  duty  of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 1297                             2
     1  the  court  to specify the time, not exceeding twenty days after service
     2  of a copy of the petition, within which the company complained  of  must
     3  answer  the  petition.  In case of any default or after answer the court
     4  shall  immediately  inquire  into  the  facts  and circumstances in such
     5  manner as the court shall direct without other or formal pleadings,  and
     6  without  respect  to  any  technical requirements. Such other persons or
     7  corporations as it shall seem to the court necessary or proper  to  join
     8  as  parties  in  order  to  make its order or judgment effective, may be
     9  joined as parties. The final judgment in any such action  or  proceeding
    10  shall either dismiss the action or proceeding or direct that an order or
    11  an  injunction,  or  both,  issue,  or  provide for the appointment of a
    12  receiver as prayed for in the petition, and grant such other  relief  as
    13  the court may deem appropriate.
    14    § 2. This act shall take effect immediately.
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