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S01478 Summary:
BILL NO | S01478 |
  | |
SAME AS | SAME AS A01953 |
  | |
SPONSOR | SEWARD |
  | |
COSPNSR | BRESLIN, LARKIN |
  | |
MLTSPNSR | |
  | |
Amd §6503, Ins L | |
  | |
Relates to mortgage guaranty insurance; removes requirement that mortgage guaranty insurers restrict their coverage, net of applicable reinsurance, to twenty-five percent of the total indebtedness to an insured. |
S01478 Actions:
BILL NO | S01478 | |||||||||||||||||||||||||||||||||||||||||||||||||
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01/09/2017 | REFERRED TO INSURANCE | |||||||||||||||||||||||||||||||||||||||||||||||||
05/01/2017 | 1ST REPORT CAL.673 | |||||||||||||||||||||||||||||||||||||||||||||||||
05/02/2017 | 2ND REPORT CAL. | |||||||||||||||||||||||||||||||||||||||||||||||||
05/03/2017 | ADVANCED TO THIRD READING | |||||||||||||||||||||||||||||||||||||||||||||||||
05/16/2017 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
05/16/2017 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
05/16/2017 | referred to insurance | |||||||||||||||||||||||||||||||||||||||||||||||||
06/13/2017 | substituted for a1953 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/13/2017 | ordered to third reading rules cal.208 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/13/2017 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
06/13/2017 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
10/11/2017 | DELIVERED TO GOVERNOR | |||||||||||||||||||||||||||||||||||||||||||||||||
10/23/2017 | SIGNED CHAP.373 |
S01478 Committee Votes:
Go to topS01478 Floor Votes:
Yes
Abbate
Yes
Crouch
Yes
Goodell
Yes
Lifton
Yes
O'Donnell
Yes
Sepulveda
Yes
Abinanti
Yes
Curran
Yes
Gottfried
Yes
Lopez
Yes
Ortiz
Yes
Simanowitz
ER
Arroyo
Yes
Cusick
Yes
Graf
Yes
Lupardo
Yes
Otis
Yes
Simon
Yes
Aubry
Yes
Cymbrowitz
Yes
Gunther
Yes
Lupinacci
Yes
Palmesano
Yes
Simotas
Yes
Barclay
ER
Davila
Yes
Harris
Yes
Magee
Yes
Palumbo
Yes
Skartados
Yes
Barnwell
Yes
De La Rosa
Yes
Hawley
Yes
Magnarelli
Yes
Paulin
Yes
Skoufis
Yes
Barrett
Yes
DenDekker
Yes
Hevesi
Yes
Malliotakis
Yes
Pellegrino
Yes
Solages
Yes
Barron
ER
Dickens
Yes
Hikind
Yes
Mayer
Yes
Peoples-Stokes
Yes
Stec
Yes
Benedetto
Yes
Dilan
Yes
Hooper
Yes
McDonald
Yes
Perry
Yes
Steck
ER
Bichotte
Yes
Dinowitz
Yes
Hunter
Yes
McDonough
Yes
Pheffer Amato
Yes
Stirpe
Yes
Blake
Yes
DiPietro
Yes
Hyndman
Yes
McKevitt
Yes
Pichardo
Yes
Thiele
Yes
Blankenbush
Yes
D'Urso
Yes
Jaffee
ER
McLaughlin
Yes
Pretlow
Yes
Titone
Yes
Brabenec
Yes
Englebright
Yes
Jean-Pierre
Yes
Miller B
Yes
Quart
Yes
Titus
Yes
Braunstein
Yes
Errigo
Yes
Jenne
Yes
Miller MG
Yes
Ra
Yes
Vanel
Yes
Brindisi
Yes
Fahy
Yes
Johns
Yes
Miller ML
Yes
Raia
Yes
Walker
Yes
Bronson
Yes
Farrell
Yes
Jones
Yes
Montesano
Yes
Ramos
Yes
Wallace
Yes
Buchwald
Yes
Finch
Yes
Joyner
Yes
Morelle
Yes
Richardson
Yes
Walsh
Yes
Butler
Yes
Fitzpatrick
Yes
Kavanagh
Yes
Morinello
Yes
Rivera
Yes
Walter
Yes
Byrne
Yes
Friend
Yes
Kearns
Yes
Mosley
ER
Rodriguez
Yes
Weinstein
Yes
Cahill
Yes
Galef
Yes
Kim
Yes
Moya
Yes
Rosenthal
Yes
Weprin
Yes
Carroll
ER
Gantt
Yes
Kolb
Yes
Murray
Yes
Rozic
Yes
Williams
Yes
Castorina
Yes
Garbarino
ER
Lalor
Yes
Niou
Yes
Ryan
Yes
Woerner
Yes
Colton
Yes
Giglio
Yes
Lavine
Yes
Nolan
Yes
Santabarbara
Yes
Wright
Yes
Cook
Yes
Gjonaj
Yes
Lawrence
Yes
Norris
Yes
Schimminger
Yes
Zebrowski
Yes
Crespo
Yes
Glick
Yes
Lentol
Yes
Oaks
Yes
Seawright
Yes
Mr. Speaker
‡ Indicates voting via videoconference
S01478 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 1478 2017-2018 Regular Sessions IN SENATE January 9, 2017 ___________ Introduced by Sens. SEWARD, BRESLIN -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to mortgage guaranty insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 6503 of the insurance law, as 2 amended by chapter 661 of the laws of 1994, is amended to read as 3 follows: 4 (c) A mortgage insurer providing coverage on loans secured by a first 5 lien on real estate [shall limit its coverage net of applicable reinsur-6ance to a maximum of twenty-five percent of the entire indebtedness to7the insured, or in lieu thereof, a mortgage insurer] may elect to pay 8 the entire indebtedness to the insured and acquire title to the author- 9 ized real estate security. A mortgage insurer providing coverage on 10 loans secured by a junior lien on real estate [shall limit its coverage11net of applicable reinsurance to a maximum of twenty-five percent of the12combined indebtedness of all existing mortgage loan amounts at the time13the loan is made secured by all liens or charges on the real estate, or14in lieu thereof, a mortgage insurer] may elect to insure a portfolio of 15 loans secured by instruments constituting a junior lien on real estate[,16provided that the total amount at risk in any one pool shall not at any17time exceed twenty percent of the original principal mortgage loans18insured]. 19 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04874-01-7