Bulletin: NY000383

Date:
November 14, 2008
To:
All New York State Office Counsel, Managers and Agents
RE:
State Credit Unions

Effective January 1, 2009, Chapter 522 of the Laws of 2008 will provide an exemption to the lender of the ¼ % SAMRT (special additional mortgage recording tax) for New York State Credit Unions that have converted from a Federal Credit Union.

In order to qualify for the exemption the converted credit union must be issued an authorization certificate pursuant to section 486 of the Banking law.

To claim the exemption the authorized credit union must submit an affidavit to the recording office.  The affidavit should be attached to the mortgage and state:

  1. The mortgagee is a credit union that has been issued a certificate from the Superintendent of Banks pursuant to section 486 of the banking law indicating that the credit union has converted from a federal charter to a state charter on or after January 1, 2009.
  1. Pursuant to section 486-a of Article 11 of the Banking Law, the mortgage is exempt from the special additional mortgage recording tax imposed by section 253.1a(a) of the Tax law.

To view the Technical Service Bulletin which contains additional information go to: https://www.tax.ny.gov/pdf/memos/mortgage/m08_5r.pdf

For on-line viewing of this and other bulletins, log onto: www.stewart.com/new-york

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None