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NY S07412

Bill

Official Source

Status

Introduced

4/29/2016

Primary Sponsor

Elizabeth Little

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends Public Authorities Law Section 2427 to allow the New York Mortgage Agency to invest reserve and sinking funds in Government National Mortgage Association (GNMA) mortgage backed securities in addition to existing authorized investments.

  • Expands investment options under Public Authorities Law Section 2429-b to permit investments in GNMA mortgage backed securities alongside current authorized investments in U.S. and state obligations and Federal National Mortgage Association (FNMA) obligations.

  • Maintains all existing investment restrictions and requirements, including that investments must be legally purchasable by savings banks in New York and approved by the state comptroller.

  • 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

SUBSTITUTED BY A10497

6/15/2016

Committee Referrals

Rules6/15/2016
Corporations, Authorities and Commissions4/29/2016

Full Bill Text

No bill text available