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AN ACT to amend the insurance law and the banking law, in relation to

real property insurance escrow accounts

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Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.

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The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 3425 of the insurance law is amended by adding a new subsection (n) to read as follows:

(n) Notice of cancellation/real property escrow accounts. With respect to all covered policies for which the insurer submits bills for real property insurance premiums directly to a mortgage investing institytion, or such other institution or agent as designated in writing by the mortgage

investing institution, under a real property insurance escrow account, the insurer must send copies of a notice of cancellation for nonpayment of premiums to both (i) the insured mortgagor of the real property and (ii) the mortgage investing institution,

such other designated institution agent. Failure to send this notice to both parties in paragraph (i) and paragraph (ii) shall render the notice

of no force and effect.

$ 2. The banking law is amended by adding a new section 6-k to read as follows:

$ 6-k. Real property insurance escrow accounts. 1. Definitions. When used in this section: (a) "Mortgage investing institution"

any bank, trust company, national bank, savings bank, savings and loan association, federal savings bank, federal savings and loan association, private banker, credit union, federal credit union, investment company, pension fund, l'icensed mortgage banker or any other entity which maintains a real property insurance escrow account for real property located in this state.

(b) "Mortgagor" means a person having title to and occupying a one to four family residence which is located in this state and is subject to a mortgage (c) "Real property

property insurance" means a policy of insurance issued, or issued for delivery in this state, on a risk located or resident in this state insuring the following contingency: loss or damage (including but, not limited to loss or damage on account of fire) to real property used predominantly for residential

purposes

and consists of not more than four dwelling units, other than motels or hotels. (d) "Real property

property insurance escrow account" means an account established by contract between a mortgagor of real property improved by one to four family residence and the mortgage investing institution having a mortgage thereon, into which the mortgage investing

institution shall deposit money, collected from the mortgagor for the purpose of paying real property insurance premiums.

(e) "One to four family residence" means property used primarily for residential purposes for one to four families, including property held in condominium form of ownership, and which is occupied 'in whole or in part by the owner.

Duties and responsibilities of mortgage investing institutions. (a) Every mortgage investing institution shall make all payments for insurance for which they hold real property insurance escrow accounts in a timely manner.

(b) Every mortgage investing institution shall pay at least the minimum rate of interest on each real property insurance escrow account prescribed therein.

(c) Every mortgage investing institution shall deposit funds from a real property insurance escrow account of a mortgagor in a

banking in stitution whose deposits are insured by a federal agency or a licensed branch of a foreign banking corporation whose deposits are insured by federal agency, Notwithstanding, the foregoing provisions of this subdivision, the banking board shall have the power,' by a three-fifths vote of all its members, to exempt from the requirements of this subdivision any banking organization which does not receive deposits share counts from the general public.

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(d) A mortgage investing institution may debit a mortgagor's real property insurance escrow account for payments of insurance

premiums only if actual payment for such premiums is made within twenty-one days after such debit.

(e) Every mortgage investing institution shall, at least annually, provide to the mortgagor an analysis of the real property

insurance escrow account the mortgagor. Such analysis shall contain, for the twelve month period covered by the analysis, at least: (1) interest earned; (2) the amount of insurance premiums paid from the real property insurance escrow account; and (3) the account balance as of the beginning of the period covered by the analysis and the ending account balance as of a specified date within forty-five days preceding the date of the analysis. In addition, the mortgage investing institution shall, upon request by the mortgagor, provide to the mortgagor the date dates of the payment of insurance premiums from such real property insurance escrow account. The information required by this paragraph may be provided in notices otherwise required by federal or state law, regulation or rule to be sent on at least an annual basis to the mortgagor, including but not limited to notices under title three-A of the real property tax law.

(f) The mortgage investing institution shall provide a written disclosure, in at least eight point bold face

type,

to the mortgagor with respect to the real property insurance escrow account. Such disclosure shall be provided at the time of the establishment of the real property insurance escrow account. In the case of accounts already in existence on the effective date of this act, such disclosure shall be provided to the mortgagor with the next annual analysis required by paragraph (e) of this subdivision. The disclosure shall contain substantially the following language:

(i) The mortgage investing institution is obligated to make all payments for real property insurance for which the real

property inaccount is maintained. If any such payments are not timely, the mortgage investing institution is

for making such payments including any penalties and interest and shall be liable for all damages to the mortgagor resulting from its failure

make timely payment.

(ii). In the event that a real property insurance premium notice is sent directly to the mortgagor by the insurer, the mortgagor shall have The obligation to prompty transmit such premium notice to the mortgage investing institution, or such other institution agent

may

be designated in writing by the

mortgage investing institution, for payment. Failure to do so may jeopardize the mortgagor's insurance erage and may excuse the mortgage investing institution from liability for failure to timely make such real property insurance payments:

(iii) The mortgagor is obligated to pay one-twelfth of the real property insurance premiums each month to the mortgage investing

instiless there is a deficiency or surplus in the account, in els somn for deposit into the real" property insurance escrow account, un

which
greater or lesser amount may be required.

(iv) If the
sions of paragraph (36f this subdivision, the mortgage
mortgage investing institution is subject to the provi-

investing in-
banking institution or a licensed branch of a foreign banking
deposit the escrow payments made by the mortgagor in a

corporato a mortgagor no later than ten business days after the (8 mEvery mortgage investing institution shall provide written not ice

transfer to institution of the right to receive all

into the real

payments made and aperty insurance escrow account, which notice shall include the name, Which such rights have been transferred Epon request by the mortgagor; the mortgage investing institution shall advise the suchttransfer of Every portgage investing institution shall remain fully liable to pay any real or berity insurance premiums which are due and payable prior to the date of such transfer, and the mortgage investing institution to insurance premiums which are due and payable after

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the date of such transfer, unless otherwise agreed among the parties to the transfer. EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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(h) Every mortgage investing institution shall, no later than thirty days after the final payment of the mortgage loan, where the mortgagor retains ownership of the property, send to the mortgagor a written statement that shall include, but not be limited to the following information: (i) that the real property insurance escrow account has been or will be terminated (whichever is applicable); and (ii) that less the mortgagor establishes a new real property insurance escrow account with a mortgage investing institution, the

mortgagor will be obliged to pay to the appropriate insurer real property insurance premiums becoming due thereafter. The written notice shall also set forth the effective date of the termination and shall provide the name and address of each insurer and shall advise the nortgagor to contact such insurer for billing information.

3. Mailing or delivery, of bills to mortgage investing institutions. A mortgagor who has entered into a real property insurance escrow account may designate, in writing, a mortgage investing institution, and its successors, agents or assigns to receive

premium notices for real property insurance. The mortgage investing institution shall advise the insurer' in writing within fifteen days after the termination of such escrow account and shall inform the insurer that all future premium notices should be sent directly to the insured. The mortgage investing institution shall, upon the request of the insurer, provide any document that clearly evidences its authorization to receive insurance premium notices or obligation to pay real property insurance premiums.

Payments by mortgage investing institutions. A mortgage investing institution may pay the real property insurance premiums due than

parcel by a single instrument, provided that the mortgage investing institution also provides to the insurer a detailed list of the specific parcels to which the instrument is to be applied, each parcel identification number (if any) and the amount of the real

property insurance premium to be paid with respect to each parcel.

5. Liabilities of mortgage investing institutions. (a) A mortgage investing institution which receives moneys from a mortgagor for deposit into real property insurance escrow account shall be liable to such mortgagor, upon failure to pay such real property insurance premiums, for

amount of the real property insurance premiums plus penalties and interest imposed thereon.

(b) In addition to any other remedies permitted by law, a mortgagor whose real property insurance premiums are to be paid by means of a real property insurance escrow account pursuant to this section may bring an action against the mortgage investing institution maintaining such count for

the

mortgagor under the provisions of this subdivision if payments for real property insurance premiums have not been made for, thirty days after the date such insurance premiums have become due and payable. If a court shall find, after considering the circumstances of the failure of a mortgage investing institution to pay the real property insurance premium of a mortgagor pursuant to an escrow agreement, that such failure was due to the negligence or intentional acts of the mortgage investing institution, its agent, or both, the court may award the mortgagor in junctive relief and liquidated damages in an amount equal to three times the real property insurance premium not paid,

but

no event greater than six thousand dollars.

(c) A mortgage investing institution shall be liable to the mortgagor for all damages and shall bear all responsibility for failure to make timely payment of insurance premiums.

(d) The mortgage investing institution shall have liability to the mortgagor under this subdivision only if :

(i) the mortgage investing institution, or such other institution or agent as designated in writing by the mortgage investing institution, has received the real property insurance premium notice; and

(ii) the mortgagor has made required payments for' deposit into the real property insurance escrow account.

Separability. If any provision of this section or the application of such provision in certain circumstances shall be held

invalid, the validity of the remainder of this section and its applicability to other circumstances shall not be affected.

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§ 3. This act shall take effect on January 1, 1993.

CHAPTER 564

AN ACT to amend the highway law, in relation to designating a portion of

the state highway system as the "Assemblyman Roger J. Robach Memorial Lakeway!

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Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.

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The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The highway law is amended by adding a new section 342-y to read as follows:

§ 342-y. Portion of state highway system to be designated
"Assemblyman Roger J. Robach Memorial Lakeway." That portion of the
state highway system beginning at the intersection of interstate route
three hundred ninety and route one hundred four in the town of Greece,
continuing north on route three hundred ninety, and terminating at the
intersection of route three hundred ninety and the Lake Ontario State
Parkway shall be designated and known as the "Assemblyman Roger J.
Robach Memorial Lakeway.

5 2. This act shall take effect on the thirtieth day after it shall have become a law.

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CHAPTER 565

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AN ACT to legalize, validate, ratify and confirm the acts of the asses

sors or boards of assessors of the towns of Bethel, Cochecton, Delaware, Liberty, Lumberland and Thompson in Sullivan county, in relation to the verification and filing of tentative and final assessment rolls

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Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.

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The People of the State of New York, represented in Senate and Assenbly, do enact as follows:

Section 1. Notwithstanding any general, special or local law to the
contrary, all acts done by the assessor or the board of assessors, where
applicable, of the following Sullivan county towns in relation to the
verification and filing of the tentative and final assessment rolls of
the years indicated, are hereby legalized, validated, ratified and con-
firmed, notwithstanding any failure to comply with the provisions of the
real property tax law regarding verification and filing of the tentative
and final assessment rolls.
Town

Years (inclusive)
Bethel

1982 1991
Cochecton

1985 1991 Delaware

1985 1991 Liberty

1987 1988 Lumberland

1985 1988 Thompson

1985 1989 § 2. This act shall take effect immediately. EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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CHAPTER 566

AN ACT to legalize, certify and confirm the acts of the Millbrook cen

tral school district relating to certain transportation contracts for the 1990-1991 school year Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. All the acts done and proceedings heretofore had and taken or caused to be had and taken by the Millbrook central school district and by all officers, employees or agents of such school district relating to or in connection with the two transportation contracts awarded to Village Transportation Company, in the sum of forty-five thousand thirty-six dollars and sixty cents, and all acts incidental thereto hereby legalized, validated, ratified and confirmed, notwithstanding any failure to comply with the provisions of the education or general municipal laws or any other statutory authority therefor.

§ 2. The education department is hereby directed to consider the aforementioned contracts for transportation aid as valid

and proper obligations of the Millbrook central school district.

§ 3. This act shall take effect immediately.

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CHAPTER 567

to

AN ACT relating to solid waste treatment and disposal in the town of

Riverhead, Suffolk county
Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. To further the governmental and public purposes of this act and of the town of Riverhead, Suffolk county and in recognition of the public policy of the state in the area of the control and management of solid waste and solid waste disposal activities to displace competition with regulation or monopoly public control, the town of Riverhead, Suffolk county as an instrumentally* of the state, shall have the power adopt and amend local laws, ordinances and regulations imposing appropriate and reasonable limitations on competition with respect

to collecting, receiving, transporting, delivering, storing, processing and disposing of solid waste or the recovery by any means of any material or energy product resource therefrom, including, without limiting the generality of the foregoing, local laws requiring that all solid

waste generated, originated or brought within its boundaries, subject to such exceptions as may be determined to be in the public interest, shall be delivered to a specified solid waste disposal' or solid waste managementresource recovery facility or facilities. Any such local law shall be adopted in accordance with the procedure provided by the municipal home rule law, except that no such local law shall be subject to either datory permissive referendum. Any such local law may include provisions for the enforcement thereof and penalties for the violation thereof which may provide, but shall not be limited to providing, that any violation of a local law shall constitute an offense infraction and may provide that any violation may be punished by civil penalty, fine or other monetary charge, and/or the suspension

revocation of permits or licenses granted by the town with respect to the collecting, receiving, transporting, delivery or storing of solid waste.

Upon the adoption of any local law, ordinance or regulation pursuant to this act, the town shall file a verified copy of such local law, ordinance or reg

* So in original. ("instrumentally" should be "instrumentality".)

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