Establishes the New York title guaranty authority to offer real property title guaranties.
The bill creates the New York title guaranty authority to initiate and operate a program offering guaranties of real property titles in the state. The authority will be a corporate governmental agency and instrumentality of the state. It will be administered by seven directors appointed by the governor. The authority will offer guaranties of real property titles in the state, with the terms, conditions, and form of the guaranty contracts approved by the authority.
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