Authorizes the state of NY mortgage agency to restructure payment arrangements on mortgages for dislocated workers registered with the job service division of the labor department and U.S. armed forces reservists called to active duty by the president; provides for negotiation of such arrangements and approval by the state of New York mortgage agency.
STATE OF NEW YORK
________________________________________________________________________
89
2009-2010 Regular Sessions
IN SENATE(Prefiled)
January 7, 2009
___________
Introduced by Sen. SAMPSON -- 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 authorizing
the state of New York mortgage agency to restructure mortgage payments
for dislocated workers and reservists called to active duty
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 2404 of the public authorities law is amended by
2 adding a new subdivision 25-a to read as follows:
3 (25-a) To restructure payment arrangements on mortgages as defined in
4 this article for (i) dislocated workers as defined in subdivision four
5 of section eight hundred thirty-five of the labor law who are registered
6 with the job service division in the department of labor and (ii)
7 members of a reserve component of the armed forces of the United States
8 who have been called to active duty by the president of the United
9 States. Such arrangements shall be negotiated between the dislocated
10 worker or the reservist, as the case may be, and the bank in which a
11 mortgage as provided for in this article was obtained. The agency shall
12 approve all such refinancing agreements.
13 § 2. This act shall take effect on the sixtieth day after it shall
14 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01927-01-9
