News Release
Contact: Public Relations Coordinator
(800) 342-9835, ext. 8130SAMRT Legislation Passes Both Houses – Gov.’s Desk Next Stop on Journey
(July 2 - Albany, NY) – The Special Additional Mortgage Recording Tax (SAMRT) state-chartered credit union exemption legislation (A.10979/S.8122) sponsored by Assemblywoman Aurelia Greene (D-Metropolitan) and Senator Hugh Farley (R-Capital/Adirondack) passed the Assembly and the Senate last week. The next stop for the bill is the Governor’s desk.
Under current law, state-chartered credit unions are required to pay the special additional mortgage recording tax, but it is not imposed on their federal credit union counterparts.
If enacted, the SAMRT legislation would exempt state-chartered credit unions from this tax in 2010, thereby leveling the playing field. In addition, it would allow any federally chartered credit union that chooses to convert to a state charter an immediate exemption of this tax.
In passing the legislation, the state legislature also recognizes that credit unions have always granted affordable and responsible home loans and that by exempting them from the mortgage recording tax they are allowing state charters to make more home loans.
The Association and member credit unions advocated for this legislation at lobby day during their Governmental Affairs Conference in May.
"This legislation remedies a charter disparity and again enhances the dual chartering system in New York," said William J. Mellin, president/CEO of the Credit Union Association of New York. "We thank Assemblywoman Greene and Senator Farley for their leadership, as well as the legislature as a whole for their continuing support of New York’s not-for-profit credit unions. Without that support this legislation would not have been possible."
The Credit Union Association of New York has served as the trade association for the state’s credit unions for 91 years. It is the fifth largest league in the country. New York credit unions have assets of more than $40 billion and 4.2 million members. To learn more about the Association, visit www.nyscul.org.
Senator Hugh Farley
Assemblywoman Aurelia Greene
New York State Credit Union
League, Inc. & Affiliates
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