ALBANY, N.Y. (9/11/08)--New York Gov. David A. Paterson signed a law exempting state charters from a mortgage tax, according to the Credit Union Association of New York.
He signed the Special Additional Mortgage Recording Tax (SAMRT) bill at the end of last week. One of a package of 66 bills signed, the bill (Ch. 522) exempts state-chartered credit unions from the special addition mortgage recording tax beginning in 2010. The new law levels the field with their federal credit unions, said the association. Effective immediately, the law also allows federal credit unions choosing to convert to a state charter to retain their exemption from the tax. "This pro-credit union legislation is a major victory for New York credit unions," said William J. Mellin, president/CEO of the association. "The signing of this bill was the result of a great team effort by the association and our member credit unions who lobbied heavily for this charter parity measure." He noted the law remedies a charter disparity and enhances the dual chartering system in the state for every credit union. "It is clear that our state's elected leadership recognize that credit unions have always granted affordable and responsible home loans and that, by making their mortgages more affordable, they are allowing state charters to do more for their members and their communities." Sponsors of the legislation were Assemblywoman and Speaker Pro Tempore Aurelia Greene (D-Metropolitan) and Sen. Hugh Farley (R-Capital/Adirondack), chair of the Banks Committee. The legislation was passed by both the Senate and the Assembly in June.