Legislative
Updates
Updates
in Albany to express his displeasure with the Governors Budget and the Governor and the Legislature butted heads over several issues. Monday: New York City Mayor Michael Bloomberg was in town to testify for the Local Government Budget Hearings. Here Bloomberg made the case that New York City was being overlooked by the Governor in his Budget. He stated that this was the case in terms of education, healthcare and security. Tuesday: In Long Island Democrat Craig Johnson defeated Republican Maureen O’Connell in a special election for the Senate Seat for the Seventh District. This was a blow to the Republican majority who now only has a two seat advantage. As a result of this loss, speculation was high that some Republican members might switch parties, which would give control of the Senate over to the Democrats. Additionally, the “Public Employees Ethics Reform Bill” was on the agenda for the Government Operations Committee within the Assembly. After much debate about whether the bill gives the Governor too much power, all members passed the bill to the Codes Committee, but with the stipulation that the bill return to Government Operations Committee before it is sent to the floor. The bill has been amended because of technical errors in the original bill. This legislation is expected to be amended again and we will keep you posted if and when this does happen. Wednesday: Against the wishes of the Governor Spitzer, and the recommendation from the Comptroller Screening Committee, the Legislature unanimously elected Assemblyman Thomas P. DiNapoli, as the next New York State Comptroller. Mr. DiNapoli bested New York City candidate Martha Stark, by an official vote of 150- 56. The Governor has expressed his displeasure, saying that DiNapoli is, “thoroughly unqualified for the job.” Thursday: As the Governor traveled across the state to promote his budget, he lashed out at a local Democrat Assemblyman from Syracuse , Bill Magnarelli. Magnarelli was an early Spitzer supporter and campaign contributor who voted for the Assemblyman DiNapoli in defiance of Spitzer’s request. Spitzer stated: "Bill Magnarelli is one of those unfortunate Assembly members who just raises his hand when he's told to do so, and didn't ever stand up and say, 'Whose interest am I representing?'" Spitzer went on to say, "There is no ambiguity in my mind about who I am representing. The public; 19 million New Yorkers." Spitzer has also cancelled several commitments he made to Assembly events as well. Friday: Former New York State Comptroller Alan Hevesi, the man whom Tom DiNapoli replaced has been sentenced for his use of a state worker to chauffer his wife. Hevesi must pay a $5,000 fine, which is in addition to the over $200,000 he already has and needed to reimburse the state. Judge Stephen Herrick did not have the kindest words for Hevesi, who again apologized for his actions. “Your fall from grace has been total and from a very great height…You are now the symbol, the icon, used by local and state reformers, of what not to do in public office.” Herrick added, “Hopefully, your failure will serve as a deterrent.” ESMBA Legislative Report 02/09/07 Bill No. A1416 Bradley (MS) -- Provides that a consumer reporting agency may not consider that a person requested a rate quote when determining that person's credit score No Same as Primary Law: General Business Law BLURB : Gen Bus L. consumer credit scores SUMM : Amd S380-j, Gen Bus L Provides that a consumer reporting agency may not consider that a person requested a rate quote when determining that person's credit score. 01/09/07 referred to consumer affairs and protection 02/06/07 reported referred to codes A3253 Peoples (MS) -- Increases the civil penalty for certain unlawful acts and practices relating to consumer protection No Same as Primary Law: General Business Law BLURB : Gen Bus L. consumer protections SUMM : Amd S350-d, Gen Bus L Increases from $500 to $5,000 the civil penalty for certain unlawful acts and practices relating to consumer protection from deceptive acts and practices. 01/23/07 referred to consumer affairs and protection 02/06/07 reported referred to codes A4314 Fitzpatrick (MS) -- Authorizes the purchase of construction mortgages by the state of New York mortgage agency Same as S 370 Primary Law: Public Authorities Law BLURB : Pub Aut. constructn.mortg;SONYMA SUMM : Amd S2402, add S2405-f, Pub Auth L Authorizes the state of New York mortgage agency to purchase construction mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income. 02/02/07 referred to corporations, authorities and commissions A4409 Sweeney (MS) -- Provides a mortgage tax exemption for developers and purchasers of affordable housing No Same as Primary Law: Tax Law BLURB : Tax. mtg tax exmpt; afford. hsing SUMM : Amd S252-a, Tax L Provides a mortgage tax exemption for developers of affordable housing where at least 40% of the units are to be occupied by persons and families not exceeding 12% of certain HUD median income limits, and provides a mortgage tax exemption for purchasers of affordable housing available to individuals and persons meeting income guidelines not exceeding 120% of certain HUD median income limits. 02/02/07 referred to ways and means A4471 Kirwan -- Authorizes the county of Ulster to impose an additional mortgage recording tax of 25 cents per $100 of debt No Same as Primary Law: Tax Law BLURB : Tax. Ulster mortg. recording SUMM : Add S253-v, amd S1202-1, Tax L Authorizes the county of Ulster to impose additional mortgage recording tax of 25 cents per $100 of debt; the revenue therefrom shall be used by such county for any county purpose; authorizes the county of Ulster to increase the rate of its hotel and motel tax from 2% to 4%. 02/02/07 referred to ways and means A4735 Sweeney (MS) -- Provides for reverse mortgage loans on co-op apartments, life estate, trust and leasehold interests; eliminates minimum income requirements; repealer No Same as Primary Law: Real Property Law BLURB : RP L. revrs. mortgage loans SUMM : Amd SS280 & 281, rpld S280-a, RP L; amd SS6-h & 14, Bank L; amd S6501, Ins L; amd S2428, Pub Health L; amd S252-a, Tax L; amd S131-x, Soc Serv L Provides for reverse mortgage loans on coop apartments, life estate, trust and leasehold interests; eliminates minimum income requirements, a term mortgage option, waiver of counseling; waives the recording tax for all such mortgages; repeals section 280-a of the real property law. 02/06/07 referred to judiciary A4779 Young -- Requires vendors and agents of vendors to disclose credit score calculations and qualifications to consumers and applicants for credit No Same as Primary Law: General Business Law BLURB : Gen Bus L. credit score discl. SUMM : Rel S380-u to be S380-v, add 380-u, amd S380-a, Gen Bus L Requires vendors and agents of vendors to disclose credit score calculations and qualifications to consumers and applicants for credit. 02/06/07 referred to consumer affairs and protection S642 SKELOS -- Provides that a lender may receive not more than 20% of the future appreciation of property secured by a reverse mortgage granted to a person 60 years old or older No Same as Primary Law: Real Property Law BLURB : RP L. reverse mortg. future apprc SUMM : Amd S280, RP L Provides that a lender providing a reverse mortgage to a person who is 60 years old or older may receive not more than 20% of the future appreciation of property secured by the mortgage as consideration for providing such reverse mortgage. 01/05/07 REFERRED TO AGING 01/30/07 1ST REPORT CAL.70 01/31/07 2ND REPORT CAL . 02/05/07 ADVANCED TO THIRD READING S1264 DEFRANCISCO -- Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan No Same as Primary Law: Real Property Law BLURB : RP L. assign mort in lieu dischrg SUMM : Amd S275, RP L Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan. 01/17/07 REFERRED TO JUDICIARY 01/30/07 1ST REPORT CAL.48 01/31/07 2ND REPORT CAL . 02/05/07 ADVANCED TO THIRD READING S2280 KLEIN -- Includes insurance identification card, certificate of registration and certificate of title as written instruments for purposes of certain forgery related crimes No Same as Primary Law: Penal Law BLURB : Pen L. frgry mtr vhcl rltd dcmnts SUMM : Amd S170.10, Pen L Includes insurance identification card, certificate of registration and certificate of title in the list of written instruments for purposes of certain forgery related crimes when with intent to defraud, deceive or injure another, a person falsely makes, completes or alters one of these written instruments. 02/02/07 REFERRED TO CODES S2348 SCHNEIDERMAN -- Provides income tax incentives in New York city for the creation of jobs Same as A 546 Primary Law: New York City Administrative Code BLURB : Ad Cd. tax incentive; create jobs SUMM : Add Title 11 Chap 2 Subchap 2 Part 5 SS11-268 - 11-280, NYC Ad Cd Provides income tax incentives in New York city for the creation of private sector jobs; provides for credits against an employer's local tax liability (banking corporation tax, commercial rent tax, general corporation tax, and unincorporated business tax) based upon the amount of incremental income tax withholding from new employees; provides for the administration of the program by the commissioner of finance of the city of New York; permits the credit to be claimed for a maximum of 12 taxable years; directs such commissioner to make an annual report on the program. 02/02/07 REFERRED TO CITIES S2555 KRUGER -- Relates to regulation of unsolicited advertisements and sale, rental or exchange of personal information Same as A 338 Primary Law: General Business Law BLURB : Gen Bus L. unsol. ads pers. info SUMM : Add SS394-f & 394-g, Gen Bus L Regulates persons who advertise using unsolicited written communications or telephone conservations to protect personal privacy; requires disclosure of the source of the listing and notice of right not to receive unsolicited telephone calls; requires advertising entities to maintain an exclusion list and authorizes a cause of action to enjoin unwanted solicitation. 02/07/07 REFERRED TO CONSUMER PROTECTION S2613 VOLKER -- Prohibits home improvement contractors from acting on behalf of mortgage brokers Same as A 52 Primary Law: Banking Law BLURB : Bank. mortgage brkr.&hm.imp.cntor SUMM : Add S595-b, Bank L Prohibits home improvement contractors from also acting on behalf of mortgage brokers; prohibits a mortgage broker from paying a home improvement contractor directly unless they perform their own inspection of the completed work. 02/07/07 REFERRED TO BANKS S2640 SEWARD -- Relates to mortgage guaranty insurance contingency reserves; repealer No Same as Primary Law: Insurance Law BLURB : Ins. mortg ins conting reserves SUMM : Rpld & add S6501 subS (e), amd SS6501, 6502, 6503 & 6507, Ins L Relates to mortgage guaranty insurance contingency reserves; provides policyholders position mortgage percent values; defines relevant terms. 02/08/07 REFERRED TO INSURANCE Obviously, this week has been quite busy on a number of levels. An outline of the week follows for your consideration. State Comptroller: The race to replace Comptroller Alan Hevesi has been in full swing all week. Tension continues to mount in the Assembly against what they view as Governor Spitzer’s heavy handed style. It is becoming more frequently common to hear legislators talk of only an Assemblyman for State Comptroller. Assemblymen Morelle, Brodsky, DiNapoli and Ortiz are currently in the running. New York State Senate Race: The race in the 7th District has been intense. Governor Spitzer is clearly at odds with the Senate and the fight behind the scenes has been highly charged and very uncomfortable for some. This being a special election, the turnout is expected to be small and critical. The race appears to be a toss-up at this point. A loss of the seat for the Republicans will mean a very narrow majority and will further limit their power in a difficult year. This election will be held on Tuesday, February 6. State Budget: Governor Spitzer unveiled his first budget this week. It was met with intense and mixed reviews. The $120.6 billion plan increases spending by whopping 6.3 percent. This budget proposal is only an initial plan and will set the stage for negotiations with the Legislature. A finalized budget is officially due by April 1st, the start of the new fiscal year, though in past years the budget has not been completed until after that date. A complete copy of the budget bills is not yet available; when it becomes available we will supply you with updates. Right now it is clear that Spitzer is increasing “fees” and closing “loopholes” to the tune of more than $500 million. It will be interesting to see how the Legislature addresses this fact. We will provide you with additional details in the week ahead. Thank you. ESMBA Legislative Report 02/02/07 Bill No. A3473 Sweeney CO : Eddington, DiNapoli Provides a real property tax exemption for first-time homebuyers of pre-owned real property as primary residential property Same as Uni. S 1841 Primary Law: Real Property Tax Law BLURB : RPT L. exempt resid. prop. SUMM : Add S457-a, RPT L Provides a real property tax exemption, at local option, for first-time homebuyers of pre-owned real property as primary residential property and provides flexibility to local taxing authorities regarding length and percentage increments of such exemption; sets income eligibility criteria. A3474 Thiele CO : Alessi Exempts primary residential property purchased by first-time homebuyers meeting certain requirements from the tax on real estate transfers in the Peconic Bay region Same as Uni. S 1842 Primary Law: Tax Law BLURB : Tax. exmpt 1st hmbyr real est SUMM : Amd SS1449-aa & 1449-ee, Tax L Exempts primary residential property purchased by first-time homebuyers meeting certain requirements from the tax on real estate transfers in the Peconic Bay region; defines terms; imposes certain terms and conditions, including that the property is within the purchase price limits defined by the state of New York mortgage agency low interest rate mortgage program in the non-target one family categories for Suffolk county and that the buyer's income does not exceed certain income limits. A3483 Gottfried CO : Glick, Grannis, Seminerio, Brennan, Dinowitz, Eddington, Zebrowski Prohibits discrimination because of sexual orientation No Same as Primary Law: Insurance Law BLURB : Ins. prohib discrim;sexorientatin SUMM : Amd S2606, Ins L Prohibits discrimination because of sexual orientation by any individual or entity in the underwriting, rating, etc. of insurance policies; prohibits insurers from making any inquiry in an application for an insurance policy or in connection with the underwriting of such an application solely because of the applicant's race, color, creed, sexual orientation, national origin or disability. A3521 Nolan Relates to robbery of property from a bank No Same as Primary Law: Penal Law BLURB : Pen L. bank robbery; 2nd degree SUMM : Amd S160.10, Pen L Provides that robbery of any property from a banking institution shall be robbery in the second degree, a class C felony. Criminal Sanction Impact. A3644 Raia CO : Alfano, Crouch, Giglio, Kolb, McKevitt Exempts refinancing of certain mortgages from tax on mortgages No Same as Primary Law: Tax Law BLURB : Tax. exmp cert mortg frm tax SUMM : Amd S252-a, Tax L Exempts refinancing of certain mortgages from tax on mortgages. A3647 Weisenberg CO : Zebrowski Imposes civil liability upon mortgagees maintaining escrow account for failure to provide notice to mortgagors, taxing authorities and insurers upon satisfaction No Same as Primary Law: Real Property Tax Law BLURB : RPT L. notice: mortgage satisfac SUMM : Amd SS953, 953-a, 956 & 957, RPT L; amd S6-k, Bank L Imposes civil liability upon mortgage investing institutions which maintain escrow account for the payment of real property taxes or real property insurance premiums for the failure to give notice to mortgagor, taxing authorities and real property insurers upon satisfaction of the mortgage and the mortgagor will be liable for such expenses thereafter; liability shall be to the mortgagor for any expenses incurred as the result of such failure to provide notice; provides for third party notice for mortgagors 65 or older. A3733 Tonko Authorizes the service of a notice of lien by means of mail to a post office box Same as S 1659 Primary Law: Lien Law BLURB : Lien. serve notice to P.O. box SUMM : Amd SS11, 11-b & 11-c, Lien L Authorizes the service of a notice of lien by means of mail to the last known post office box address of the owner of the liened property; such service shall be by registered or certified mail, unless service is upon a contractor or subcontractor, in which case, service shall be by certified mail. A3775 Rivera P CO: Lopez V, Ramos, Powell Requires banks to accept the Matricula consular identification card issued by the Mexican Consulate General as valid identification for banking transactions No Same as Primary Law: Banking Law BLURB : Bank. Matricula consular identifi SUMM : Add S4-d, Bank L Requires banks to accept the Matricula consular identification card issued by the Mexican Consulate General as valid identification for all banking transactions. A3780 Greene Creating the New York affordable, workforce rental development program and the below tax-exempt rate mortgage program; appropriation Same as Uni. S 1973 Primary Law: Private Housing Finance Law BLURB : Priv H Fin. afford housing SUMM : Add Art 18-B SS1107 - 1109, Priv Hous Fin L; add SS2405-f, 2405-g & 2405-h, Pub Auth L Creating the New York affordable, workforce rental development program and the below tax-exempt rate mortgage program; sets forth definitions; provides for funds for the programs and to make payments of principal and interest on bonds, notes and other securities issued for such programs; and making an appropriation for such programs. A4021 Fitzpatrick CO : Walker Creates the real property regulatory impacts act No Same as Primary Law: Real Property Law BLURB : RP L. rp regulatory impacts act SUMM : Add Art 12-D SS447-a - 447-g, RP L Creates the real property regulatory impacts act; provides that the owner of any real property may bring an action against the state whenever the application of any state statute, rule or regulation to such property causes a diminution in value of fifty percent or more. A4027 Fitzpatrick CO : Errigo, Finch, Barra, McKevitt Authorizes the purchase of rehabilitation mortgages by the state of New York mortgage agency Same as S 407 Primary Law: Public Authorities Law BLURB : Pub Aut. rehab.mortg;SONYMA SUMM : Amd S2402, add S2405-f, Pub Auth L Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income. A4029 Fitzpatrick CO : Quinn, Finch, Hayes, Rabbitt, McKevitt, Hawley, Walker Creates a homeownership rehabilitation credit No Same as Primary Law: Tax Law BLURB : Tax. homeownership rehab credit SUMM : Amd S606, Tax L Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses. A4030 Fitzpatrick CO : Finch, Barra, Errigo, McKevitt, Giglio Grants tax credit for downpayment made on residential housing Same as S 357 Primary Law: Tax Law BLURB : Tax. credit for downpayment;resid SUMM : Amd S606, Tax L Grants credit against personal income tax to purchasers of residential housing in the amount of any down payment made on such housing; provides that the maximum credit shall not exceed 5 percent of the purchase price of the residential housing; requires taxpayers to meet eligibility requirements imposed by the state of New York mortgage agency. A4089 Fitzpatrick CO : Walker Authorizes the state mortgage agency to originate mortgages which are second liens on real property No Same as Primary Law: Public Authorities Law BLURB : Pub Aut. SONYMA powers SUMM : Amd SS2402, 2404, 2405 & 2405-b, Pub Auth L Authorizes the state of New York mortgage agency (SONYMA) to originate mortgages constituting a second lien and defines mortgage as a loan owed to a bank or to the agency secured by a second lien on a fee simple or leasehold estate in real property located in the state and improved by a residential structure whether or not insured by the US or any agency thereof; authorizes such agency to purchase rehabilitation mortgages from banks within the state. A4090 Fitzpatrick CO : Calhoun, McKevitt, Walker Authorizes state mortgage agency to purchase police officer, firefighter and teacher assisted forward commitment mortgages Same as S 373 Primary Law: Public Authorities Law BLURB : Pub Aut. SONYMA; mortg asst SUMM : Add S2405-f, Pub Auth L Authorizes SONYMA to purchase police officer, firefighter and teacher assisted forward commitment mortgages from banks. A4116 Fitzpatrick CO : Errigo, Tedisco, McKevitt Authorizes localities to convey distressed residential real property that has been foreclosed upon for non- payment of real estate taxes to a third party No Same as Primary Law: Real Property Tax Law BLURB : RPT L. trnsfr frclsed res prop SUMM : Add Art 11 Title 3-A SS1141 - 1142, 1136-a & 1136-b, RPT L Authorizes localities to convey distressed residential real property that has been foreclosed upon for non-payment of real estate taxes to a third party; establishes that third party may be an individual or for-profit or not-for-profit entity which would rehabilitate and manage such property, providing needed housing while restoring the property to the non-delinquent tax rolls; called "third party transfer program". A4170 Raia CO : Giglio, McKevitt, Walker Creates within the office of general services a home ownership and local development program No Same as Primary Law: Executive Law BLURB : Exec. home ownrshp/lcl dvlp prgrm SUMM : Add S201-b, Exec L Creates within the office of general services a home ownership and local development program. A4185 Fitzpatrick CO : Barclay, Barra Authorizes the establishment of the home equity protection insurance program Same as S 356 Primary Law: Public Authorities Law BLURB : Pub Aut. est home eq. prot. ins. SUMM : Amd S2404, add S2405-f, Pub Auth L Authorizes the establishment of the home equity protection insurance program. A4275 Ramos CO : O'Donnell Authorizes an income tax deduction of monies deposited into a house, townhouse, condominium or unit in a cooperative housing corporation account No Same as Primary Law: Tax Law BLURB : Tax. housing purchase account SUMM : Amd S612, Tax L Provides for the establishment of a home purchase account; enables first time house, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, condominium or unit in a cooperative housing corporation or the construction of a house, condominium or unit in a cooperative housing corporation; inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized. S642 SKELOS Provides that a lender may receive not more than 20% of the future appreciation of property secured by a reverse mortgage granted to a person 60 years old or older No Same as Primary Law: Real Property Law BLURB : RP L. reverse mortg. future apprc SUMM : Amd S280, RP L Provides that a lender providing a reverse mortgage to a person who is 60 years old or older may receive not more than 20% of the future appreciation of property secured by the mortgage as consideration for providing such reverse mortgage. S1264 DEFRANCISCO CO: BONACIC, RATH, YOUNG Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan No Same as Primary Law: Real Property Law BLURB : RP L. assign mort in lieu dischrg SUMM : Amd S275, RP L Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan. S1753 SABINI CO : ADAMS, CONNOR, HASSELL-THOMPSON, KRUEGER, MONTGOMERY , SAMPSON Establishes the reverse mortgage fairness act of 2007 No Same as Primary Law: Banking Law BLURB : Bank. reverse mortgage fairness SUMM : Amd S6-h, Bank L; amd S467, RPT L Establishes the reverse mortgage fairness act of 2007; provides that proceeds of a reverse mortgage shall not be considered as income for the purposes of the exemption on personal property for persons sixty-five and over. S1763 SAMPSON CO: BRESLIN, DIAZ, KRUGER, MONTGOMERY, PARKER, SABINI, STACHOWSKI, STAVISKY, VALESKY Authorizes the state of New York mortgage agency to restructure mortgages for dislocated workers and reservists called to active duty No Same as Primary Law: Public Authorities Law BLURB : Pub Aut. sonyma disl. wk. SUMM : Amd S2404, Pub Auth L 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. S1841 LAVALLE Provides a real property tax exemption for first-time homebuyers of pre-owned real property as primary residential property Same as Uni. A 3473 Primary Law: Real Property Tax Law BLURB : RPT L. exempt resid. prop. SUMM : Add S457-a, RPT L Provides a real property tax exemption, at local option, for first-time homebuyers of pre-owned real property as primary residential property and provides flexibility to local taxing authorities regarding length and percentage increments of such exemption; sets income eligibility criteria. S1842 LAVALLE Exempts primary residential property purchased by first-time homebuyers meeting certain requirements from the tax on real estate transfers in the Peconic Bay region Same as Uni. A 3474 Primary Law: Tax Law BLURB : Tax. exmpt 1st hmbyr real est SUMM : Amd SS1449-aa & 1449-ee, Tax L Exempts primary residential property purchased by first-time homebuyers meeting certain requirements from the tax on real estate transfers in the Peconic Bay region; defines terms; imposes certain terms and conditions, including that the property is within the purchase price limits defined by the state of New York mortgage agency low interest rate mortgage program in the non-target one family categories for Suffolk county and that the buyer's income does not exceed certain income limits. S1973 SMITH CO : ADAMS, DIAZ, DILAN, KRUEGER, ONORATO, SAMPSON, STACHOWSKI Creating the New York affordable, workforce rental development program and the below tax-exempt rate mortgage program; appropriation Same as Uni. A 3780 Primary Law: Appropriations BLURB : Priv H Fin. afford housing SUMM : Add Art 18-B SS1107 - 1109, Priv Hous Fin L; add SS2405-f, 2405-g & 2405-h, Pub Auth L Creating the New York affordable, workforce rental development program and the below tax-exempt rate mortgage program; sets forth definitions; provides for funds for the programs and to make payments of principal and interest on bonds, notes and other securities issued for such programs; and making an appropriation for such programs. S2028 ROBACH Authorizes an income tax deduction of monies deposited into a house, townhouse, condominium or unit in a cooperative housing corporation account No Same as Primary Law: Tax Law BLURB : Tax. housing purchase account SUMM : Amd S612, Tax L Provides for the establishment of a home purchase account; enables first time house, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, condominium or unit in a cooperative housing corporation or the construction of a house, condominium or unit in a cooperative housing corporation; inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized. S2062 DEFRANCISCO CO: LARKIN, RATH Provides for a special proceeding as a remedy when a financial institution fails to honor an agent's authority under a statutory power of attorney Same as A 2692 Primary Law: General Obligations Law BLURB : Gen Ob. remedy; power of atty SUMM : Add S5-1504A, Gen Ob L Provides for a special proceeding as a remedy when a financial institution unlawfully and unreasonably fails to honor an agent's authority under a properly executed statutory power of attorney; authorizes courts to award damages, both compensatory and consequential and attorney fees to an |