New York Public Authorities Law Part 1 -
- 2400 - Short Title.
This title shall be known and may be cited as the "state of New York mortgage agency act".
- 2401 - Legislative Findings.
* It is hereby found and declared that there continues to exist throughout the state a seriously inadequate supply of safe and sanitary dwelling accommodations,...
- 2402 - Definitions.
As used in this title, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning or...
- 2403 - State of New York Mortgage Agency.
(1) There is hereby created the state of New York mortgage agency. The agency shall be a corporate governmental agency of the state, constituting a...
- 2404 - Powers of the Agency.
Except as otherwise limited by this title, the agency shall have power: (1) To sue and be sued; (2) To have a seal and alter...
- 2405 - Purchase of Existing Mortgages.
* (1) A purpose of the agency shall be to purchase existing mortgages from banks within the state during periods when there is an inadequate...
- 2405-a - Education Loans.
(1) For purposes of this section, the following words and terms shall have the following meaning unless the context shall indicate another or different meaning...
- 2405-b - Purchase of Forward Commitment Mortgages.
* (1) A purpose of the agency shall be to purchase forward commitment mortgages from banks within the state during periods when there is an...
- 2405-c - Purchase of New Housing Loans.
* (1) The agency is hereby directed, to the extent it finds it practicable, to establish a program whereby it purchases new housing loans from...
- 2405-d - Lease-To-own Program.
* (1) The agency is authorized to participate in lease-to-own programs as described in this section. The purpose of a lease-to-own program is to provide...
- 2405-e - 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...
- 2405-f - New York State Community Restoration Fund.
(1) Definitions. For the purposes of this section, the following terms shall have the following meanings: (a) "fund" shall mean the New York state community...
- 2406 - Bonds and Notes of the Agency.
(1) Subject to the approval of the New York public authorities control board in accordance with the provisions of chapter thirty-nine of the laws of...
- 2407 - Bond Limits.
(1) Except for notes issued in nineteen hundred seventy and nineteen hundred seventy-one, the agency shall not issue bonds and notes, the interest on which...
- 2408 - Reserve Funds and Appropriations.
(1) The agency may create and establish one or more reserve funds to be known as debt service reserve funds and pay into any such...
- 2409 - Remedies of Bondholders and Noteholders.
(1) In the event that the agency shall default in the payment of principal or of interest on any issue of bonds or notes after...
- 2410 - State and Municipalities Not Liable on Bonds, Notes or Insurance Commitments or Contracts or Development Corporation Credit Support.
The bonds, notes, insurance commitments or contracts or development corporation credit support and other obligations of the agency shall not be a debt of the...
- 2411 - Agreement of the State.
The state of New York does hereby pledge to and agree with the holders of any bonds or notes or any mortgage insurance contract issued...
- 2412 - Property and Income.
1. The property of the agency and its income and operations shall be exempt from taxation or assessments of every kind and nature, other than...
- 2413 - Exemption From Taxation of Bonds and Notes and Insurance Commitments and Loans.
It is hereby determined that the creation of the agency is in all respects for the benefit of the people of the state, for the...
- 2414 - Bonds and Notes As Legal Investments for Public Officers and Fiduciaries.
The bonds and notes of the agency are hereby made securities in which all public officers and bodies of this state and all municipalities and...
- 2415 - Moneys of the Agency.
(1) All moneys of the agency from whatever source derived, except as otherwise authorized or provided in this title, shall be paid to the treasurer...
- 2416 - Actions.
In any case founded upon tort a notice of claim shall be required as a condition precedent to the commencement of an action or special...
- 2417 - Limitation of Liability.
Neither the members of the agency, nor any person or persons acting in its behalf, while acting within the scope of their authority, shall be...
- 2418 - Assistance by State Officers, Departments, Boards and Commissions; Transfer of Officers and Employees.
(1) The department of audit and control, department of law, and all other state agencies may render such services to the agency within their respective...
- 2419 - Annual Report.
The agency shall submit to the governor, the chairman of the senate finance committee, the chairman of the assembly ways and means committee, the comptroller...
- 2419-a - Additional Reports.
1. Within six months after the end of its fiscal year the agency shall submit to the governor, the majority leader of the senate, the...
- 2420 - Court Proceedings; Preferences; Venue.
Any action or proceeding to which the agency or the people of the state of New York may be parties, in which any question arises...
- 2420-a - Validity.
Bonds, insurance commitments or contracts and development corporation credit support may contain a recital that they are issued or executed, respectively, pursuant to this section,...
- 2421 - Inconsistent Provisions of Other Laws Superseded.
Insofar as the provisions of this title are inconsistent with the provisions of any other law, general, special or local, the provisions of this title...
- 2422 - Construction.
This title, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.
- 2423 - Separability.
If any clause, sentence, paragraph, section or part of this title shall be adjudged by any court of competent jurisdiction to be invalid, such judgment...
Last modified: February 3, 2019