Bill Text: NY S08717 | 2017-2018 | General Assembly | Introduced

Bill Title: Increases from 25 to 35, the number of land banks that are authorized statewide.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2018-12-28 - SIGNED CHAP.508 [S08717 Detail]

Download: New_York-2017-S08717-Introduced.html

                STATE OF NEW YORK
                    IN SENATE
                                      May 10, 2018
        Introduced  by  Sen.  SERINO -- 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
          increasing the number of authorized land banks in the state  to  thir-
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph (g) of section 1603 of the not-for-profit  corpo-
     2  ration law, as amended by section 1 of part DD of chapter 55 of the laws
     3  of 2017, is amended to read as follows:
     4    (g) Nothing in this article shall be construed to authorize the exist-
     5  ence  of  more  than [twenty-five] thirty-five land banks located in the
     6  state at one time, provided further that each  foreclosing  governmental
     7  unit  or  units  proposing to create a land bank shall submit such local
     8  law, ordinance or resolution  as  required  by  paragraph  (a)  of  this
     9  section,  to  the  urban  development  corporation,  for  its review and
    10  approval. The creation of a land bank shall be conditioned upon approval
    11  of the urban development corporation.
    12    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.