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directors of the agency shall have established a per centum for a category of loans pursuant to subdivision seven of section twenty-four hundred twenty-eight of this chapter, such per centum shall be substituted for twenty per centum in this clause (b). For purposes of pool insurance, in no event shall the reserve requirement be less than twenty percent of the amounts insured under the agency's insurance contracts.
§ 10. Subdivision 1-a of section 2428 of the public authorities law, as added by chapter 555 of the laws of 1989, is amended to read follows:
1-a. The agency may issue commitments to provide and may provide pool insurance in an amount not in excess of twenty-five percent of the outstanding principal indebtedness at the time of commitment of any aggregate of mortgage loans.
§ 11. Section 2429-a of the public authorities law, as amended by chapter 354 of the laws of 1984, is amended to read as follows:
§ 2429-a. Payment of insurance. The agency shall establish procedures to be followed by a mortgagee in the event of a default under the terms of any mortgage insured by the agency. The agency may require that prior to submitting a claim to the agency for payment of insurance the mortgagee shall take such actions with respect to the property securing the defaulted mortgage as may be specified by the agency to be satisfactory of a continuing default, including but not limited to the following: (i) becoming lawfully the mortgagee in possession thereof; (ii) causing a receiver to be appointed of such property; (iii) obtaining voluntary conveyance of the mortgagor's right and title to such property; or (iv) obtaining by foreclosure clear and unencumbered title to such property, all in such manner as the agency may require. Following submission of a valid claim the agency shall pay an amount which shall not exceed the lesser of (1) the then outstanding insured principal amount of the mortgage multiplied by the per centum of such outstanding amount insured by the agency and a per centum of the mortgagee's cost arising from the default, inclusive of public liens and delinquent and unpaid interest, all as the agency may from time to time allow, which per centum shall not exceed the per centum of the outstanding principal indebtedness insured by the agency or (2) the insured amount of the mortgage at the date of execution of the insurance contract or its latest amendment, if any, except that the agency shall pay the greater of the two amounts on claims by a public employee pension fund, or by a public benefit corporation derived from the sale of notes bonds issued by said corporation, provided that no more than the actual loss suffered by such public employee pension fund or public benefit corporation shall be paid. Such payment may be made by the agency in a lump sum, or in partial payments made within such period of time, not in excess of two years,] as may be agreed to between the agency and the mortgagee, all in accordance with procedures to be established by the agency. § 12. Paragraph (b) of subdivision 1 of section 2429-b of the public authorities law, as amended by chapter 555 of the laws of 1989, is amended to read as follows:
(b) (1) The mortgage insurance fund shall be used as a revolving fund for carrying out the provisions of this title with respect to mortgages insured thereunder. (ii) The agency shall pay into such fund all moneys which may be made available to the agency for the purposes of such fund from any source, including but not limited to the moneys received from recording officers pursuant to the provisions of subdivision two of section two hundred sixty-one of the tax law. The agency shall credit the amount of moneys received from the recording officer of each county, pursuant to subdivision two of section two hundred sixty-one of the tax law, to the special account. In any [calendar] fiscal year, no more than fifty per centum of the amount received from the recording officers during the consecutive twelve month period ending on the preceding [December] March thirty-first may be used by the agency for the purpose of insuring mortgages on property located in any one region pursuant to section two thousand four hundred twenty-eight of this chapter, provided, however, that this provision shall not include or be applied to pool insurance of mortgage loans purchased by the agency. The agency shall credit any other moneys which may be made available to the agency for the purposes of such fund from any other source to the special account or the pool insurance account as appropriate. Any income or in
terest earned by, or increment to, the mortgage insurance fund due to the investment thereof shall be credited to the special account or the pool insurance account as appropriate.
§ 13. Paragraph (d) of subdivision 1 of section 2429-b of the public authorities law, as amended by chapter 555 of the laws of 1989, is amended to read as follows:
(d) [The assets] Moneys, investments and cash equivalents of the special account and of the pool insurance account shall be kept separate shall not be commingled with each other or with any other accounts which may be established from time to time, except as otherwise authorized by this section.
§ 14. Paragraph (a) of subdivision 2 of section 2429-b of the public authorities law is repealed, and paragraph (b) of such subdivision 2, as amended by chapter 7 of the laws of 1989, is amended to read as follows:
[(b) On or before January twentieth, nineteen hundred eighty-one and on or before January twentieth in each succeeding year until and including January twentieth, nineteen hundred eighty-nine, and on or before March twentieth, nineteen hundred eighty-nine, and on] On or before March twentieth in each_[succeeding] year, the board of directors of the agency shall determine [for January twentieth the actual amount and for March twentieth] the amount estimated to be received by the agency from the additional tax imposed pursuant to subdivision one-a of section two hundred fifty-three of the tax law and deposited in the mortgage insurance fund and credited to the special account plus any other monies deposited in such account plus the amount of reserves available in such special account with respect to mortgage loans that were previously insured in accordance with section twenty-four hundred twenty-eight of this title under contracts or commitments that have been satisfied cancelled, pursuant to subdivision one of this section, except charges and fees levied by the agency in connection with applications for gage insurance pursuant to subdivision two of section twenty-four hundred twenty-nine-c of this title, which shall be added in the computation only when a commitment to insure is cancelled or expires or when the insurance applied for is declared effective. Such determination made on or before [January twentieth, nineteen hundred eighty-nine, shall be made for the consecutive twelve-month period ending on the preceding December thirty-first, such determination made on March twentieth, nineteen hundred eighty-nine, shall be for the three-month period ending the subsequent March thirty-first and such determination made on or before] March twentieth in each [succeeding] year shall be made for the consecutive twelve-month period ending on the subsequent March thirtyfirst. The board shall then determine[, for January twentieth the actual excess balance, and for March twentieth] the estimated excess balance, if any, in such special account by determining the amount by which credits exceed twenty per centum of the amounts insured or committed to be insured during such twelve-[or three-month period plus any payments by the agency during such twelve-[or three-month period on account of a mortgage contract entered into during such twelve-[or three-month period ending on such [December thirty-first or such] March thirtyfirst, plus the operating expenses of the agency during such twelve-[or three-month period with respect to insurance of mortgages, which amount may not exceed an amount determined and certified by the director of the budget, with notification to the chairman of the senate finance committee and chairman of the assembly ways and means committee. On or before May fifteenth, the board shall determine any adjustment to the estimated excess balance necessary to reflect the variance, if any, between such estimated excess balance and the actual excess balance computed as of March thirty-first, and shall certify such adjustment to the director of the budget. The agency shall include such adjustment in the estimated excess balance determination for the following fiscal year, unless otherwise instructed by the director of the budget. The [agency shall submit such operating expenses on or before January fifth of each year and the director of the budget shall make such certification on or before January fifteenth of each year for determinations made on or before January twentieth. Thereafter, the] agency shall submit to the director of the budget an estimate of such operating expenses on or before the tenth business day in March of each year and the director of the budget shall make such certification before March twentieth of
Upon making the determination of the estimated excess balance, [or, for January twentieth, of the actual excess balance] the agency shall certify such determination to the director of the budget, the chairmen EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law
of the senate finance committee and the assembly ways and means committee, and the comptroller. Payment of such actual or estimated excess balance shall be made [as follows: (i) within ninety days after March first, nineteen hundred eighty-one and within ninety days after March first in each succeeding year for determinations made on or before January twentieth, nineteen hundred eighty-eight, and, (ii) on or before March thirty-first, nineteen hundred eighty-nine for the determinations made in nineteen hundred eighty-nine, and, (iii) for determinations made thereafter,] within ninety days after March twentieth[, the]. The agency shall, at the direction of the director of the budget, pay such estimated or actual excess balance, if any, from the special account to the comptroller for deposit to the state general fund; provided, however, that if the aggregate amount in the special account as of such date is less than [the greater of; (i)] the mortgage insurance fund requirement; or, (ii) the reserve amount, determined under paragraph (a) of this subdivision], the agency shall retain all or that portion of any such estimated or actual excess balance in such special account necessary to increase the aggregate amount in such special account to, the greater of: (i)] the mortgage insurance fund requirement[; or, (ii) the reserve amount]. The director of the budget shall notify the chairmen of the senate finance committee and the assembly ways and means committee ten days prior to the issuance of the directive in respect to the payment of the estimated or actual excess balance to the general fund. Further provided, however, that the budget to be submitted to the legislature by the governor pursuant to article seven of the constitution shall separately state the amount of such estimated or actual excess balance determined as hereinabove prescribed, if any, which shall be included in the monies and revenues estimated to be available during the current and ensuing fiscal years, respectively.
§ 15. This act shall take effect immediately; provided, however, that nothing contained herein shall be deemed to affect the application, qualification, expiration or repeal of any provision of law amended by any section of this act and such provisions shall be applied or qualified or shall expire or be deemed repealed in the same manner, to the same extent and on the same date as the case may be as otherwise provided by law.
AN ACT to amend the public authorities law, in relation to authorizing the state of New York mortgage agency to purchase employer assisted forward commitment mortgages from banks within the state
Became a law August 7, 1992, with the approval of the Governor.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 2402 of the public authorities law is amended by adding a new subdivision 15 to read as follows:
(15) "Employer". Any corporation, partnership, or sole proprietorship which maintains an office in the state.
§ 2. The public authorities law is amended by adding a new section 2405-d to read as follows:
§ 2405-d. Purchase of employer assisted forward commitment mortgages. (1) In accordance with the authority set forth in section twenty-four hundred five-b of this title, the agency may purchase employer assisted forward commitment mortgages from banks at such prices and upon such terms and conditions as it shall determine. In conducting its program of purchasing employer assisted forward commitment mortgages, the agency shall be governed by the provisions of section twenty-four hundred five-b of this title. The board of directors of the agency shall establish from time to time maximum income limits of persons eligible to receive such mortgages, which income limits shall not exceed the latest maximum income limits permitted under the Internal Revenue Code of 1986, as amended, for mortgages financed by mortgage revenue
ployer may develop additional qualifications for eligible employees
(3) For any employer assisted forward commitment mortgage, the maximum loan-to-value ratio shall be established by the agency, provided that such loan shall not exceed one hundred percent of the appraised value of the mortgaged premises. Reasonable closing costs for the loan may be amortized over the life of the loan, provided that the final loan amount does not exceed one hundred percent of the appraised value of the mortgaged premises.
(4) The agency shall require any employer participating in the employer assisted forward commitment mortgage program to guarantee to pay up to twenty percent of the total outstanding mortgage indebtedness (as determined by the agency) for each employee who obtains a mortgage loan under the provisions of this section and who defaults on such mortgage loan during the first seven years of such loan, regardless of whether such borrower is an employee of such employer at the time of the default.
§ 3. This act shall take effect on the ninetieth day after it shall have become a law.
AN ACT to amend the tax law, in relation to the imposition of hotel or motel taxes in Seneca county
Became a law August 7, 1992, with the approval of the Governor. Passed on message of necessity pursuant to Article III, section 14 of the Constitution by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The tax law is amended by adding a new section 1202-o to read as follows:
§ 1202-0. Hotel or motel taxes in Seneca county. (1) Notwithstanding any other provision of law to the contrary, the county of Seneca is hereby authorized and empowered to adopt and amend local laws imposing in such county a tax, in addition to any other tax authorized and imposed pursuant to this article, such as the legislature has or would have the power and authority to impose upon persons occupying hotel or motel rooms in such county. For the purposes of this section, the term "hotel" or "motel" shall mean and include any facility providing lodging
an overnight basis and shall include those facilities designated and commonly known as "bed and breakfast" and "tourist" facilities.
The rates of such tax shall not exceed three percent of the per diem rental rate for each room provided, however, that such tax shall not applicable to a permanent resident of a hotel or motel. For the purposes of this section, the term "permanent resident" shall mean a person occupying any room or rooms in a hotel or motel for at least thirty consecutive days.
(2) Such tax may be collected and administered by the Seneca county treasurer, or other fiscal officers of Seneca county by such means in such manner as other taxes which are now collected and administered by such officers or as otherwise may be provided by such local law.
EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law
(3) Such local laws may provide that any tax imposed shall be paid by the person liable therefor to the owner of the hotel or motel room occupied, or to the person entitled to be paid the rent or charge for the hotel or motel room occupied for and on account of the county of Seneca imposing the tax and that such owner or person entitled to be paid the rent or charge shall be liable for the collection and payment of the tax; and that such Owner or person entitled to be paid the rent or charge shall have the same right in respect to collecting the tax from the person Occupying the hotel or motel room, or in respect to nonpayment of the tax by the person occupying the hotel or motel room, as if the tax were a part of the rent or charge and payable at the same time as the rent or charge; provided, however, that the Seneca county treasurer, specified in such local law, shall be joined as a party in any action or proceeding brought to collect the tax by the owner the person entitled to be paid the rent or charge. (4) Such local laws may provide for the filing of returns and the payment of the tax on a monthly basis or on the basis of any longer or shorter period of time.
(5) This section shall not authorize the imposition of such tax upon any transaction, by or with any of the following in accordance with section twelve hundred thirty of this chapter:
The state of New York, or any public corporation (including a public corporation created pursuant to agreement or compact with another state or the Dominion of Canada), improvement district or other political subdivision of the state;
b. The United States of America, insofar as it is immune from taxation;
C. Any corporation or association, or trust, or community chest, fund or foundation organized and operated exclusively for religious, charitable or educational purposes, or for the prevention of cruelty to children or animals, and no part of the net earnings of which inures to the benefit of any private shareholder or individual and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting to influence legislation; provided, however, that nothing in this paragraph shall include an organization operated for the primary purpose of carrying on a trade or business for profit, whether or not all of its profits are payable to one or more organizations described in this paragraph.
(6) Any final determination of the amount of any tax payable hereunder shall be reviewable for error, illegality or unconstitutionality or any other reason whatsoever by a proceeding under article seventy-eight of the civil practice law and rules if application therefor is made to the supreme court within thirty days after the giving of the notice of such final determination, provided, however, that any such proceeding under article seventy-eight of the civil practice law and rules shall not be instituted unless:
a. The amount of tax sought to be reviewed, with such interest and penalties thereon as may be provided for by local law or regulation shall be first deposited and there is filed an undertaking, issued by a surety company authorized to transact business in the state and approved by the superintendent of insurance of this state as to solvency and responsibility, in such amount as a justice of the supreme court shall approve to the effect that if such proceeding be dismissed or the tax confirmed the petitioner will pay all costs and charges which may accrue in the prosecution of such proceeding; or
b. At the option of the petitioner such undertaking may be in a sum sufficient to cover the taxes, interests, and penalties stated in such determination plus the costs and charges which may accrue against it in the prosecution of the proceeding, in which event the petitioner shall not be required to pay such taxes, interest or penalties as a condition precedent to the application.
(7) Where any tax imposed hereunder shall have been erroneously, illegally, or unconstitutionally collected and application for the refund thereof duly made to the proper fiscal officer or officers, and such officer or officers shall have made a determination denying such refund, such determination shall be reviewable by a proceeding under article seventy-eight of the civil practice law and rules, provided, however, that such proceeding is instituted within thirty days after the giving of the notice of such denial, that a final determination of tax due was not previously made, and that an undertaking is filed with the proper fiscal officer or officers in such amount and with such sureties as justice of the supreme court shall approve to the effect that if such