Bill Text: NY S05777 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to the acquisition and disposition of property by land banks; provides for no filing or recording fees for land banks.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2015-10-26 - SIGNED CHAP.407 [S05777 Detail]

Download: New_York-2015-S05777-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5777
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     June 3, 2015
                                      ___________
       Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Corporations,  Authorities
         and Commissions
       AN  ACT  to amend the not-for-profit corporation law, in relation to the
         acquisition and disposition of property by land banks
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Paragraph (a) of section 1608 of the not-for-profit corpo-
    2  ration law, as added by chapter 257 of the laws of 2011, is  amended  to
    3  read as follows:
    4    (a) The real property of a land bank and its income and operations are
    5  exempt  from  all  taxation  by  the state of New York and by any of its
    6  political subdivisions.  NOTWITHSTANDING ANY OTHER GENERAL,  SPECIAL  OR
    7  LOCAL LAW RELATING TO FEES OF CLERKS, NO CLERK SHALL CHARGE OR COLLECT A
    8  FEE  FOR  FILING,  RECORDING  OR  INDEXING  ANY  PAPER, DOCUMENT, MAP OR
    9  PROCEEDING FILED, RECORDED OR INDEXED FOR A LAND  BANK,  OR  AN  OFFICER
   10  THEREOF ACTING IN AN OFFICIAL CAPACITY, NOR FOR FURNISHING A TRANSCRIPT,
   11  CERTIFICATION  OR  COPY  OF ANY PAPER, DOCUMENT, MAP OR PROCEEDING TO BE
   12  USED FOR LAND BANK PURPOSES.
   13    S 2.  Section 1609 of the not-for-profit corporation law is amended by
   14  adding a new paragraph (a-1) to read as follows:
   15    (A-1) THIS SECTION GOVERNING THE DISPOSITION OF PROPERTY BY LAND BANKS
   16  SHALL SUPERSEDE SECTION TWENTY-EIGHT HUNDRED NINETY-SEVEN OF THE  PUBLIC
   17  AUTHORITIES LAW IN THE GOVERNANCE OF PROPERTY DISPOSITIONS BY LAND BANKS
   18  AND, AS SUCH, NOTWITHSTANDING ANY OTHER GENERAL, SPECIAL OR LOCAL LAW TO
   19  THE  CONTRARY,  SECTION  TWENTY-EIGHT HUNDRED NINETY-SEVEN OF THE PUBLIC
   20  AUTHORITIES LAW SHALL NOT APPLY TO LAND BANKS.
   21    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11414-01-5