New York Title Guaranty Authority Act creates a program to offer real property title guaranties.
The New York Title Guaranty Authority Act establishes the New York title guaranty authority to offer real property title guaranties in the state. The authority will be a public benefit corporation. It can issue bonds to finance costs and reserves. The authority will consult with the Department of Financial Services to develop the guaranty contract. The authority will require evidence of an up-to-date abstract and title opinion before issuing a guaranty. The authority will create a title guaranty fund to pay claims and administrative costs.
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