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NY A10497
Bill
Status
7/21/2016
Primary Sponsor
Keith Wright
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AI Summary
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Amends Public Authorities Law Section 2427, Subdivision 9 to authorize the State of New York Mortgage Agency to invest reserve and sinking funds in Government National Mortgage Association (GNMA) mortgage-backed securities.
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Amends Public Authorities Law Section 2429-b, Subdivision 4 to add GNMA mortgage-backed securities as an authorized investment option for agency funds, in addition to existing authorized investments.
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Maintains existing investment restrictions requiring that all investments be legally purchasable by savings banks and approved by the state comptroller.
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Takes effect immediately upon enactment.
Legislative Description
Authorizes the state of New York mortgage agency to invest funds in Government National Mortgage Association mortgage backed securities.
Last Action
signed chap.158
7/21/2016