N.Y. State Finance Law § 99-v: Mortgage settlement proceeds trust fund

* § 99-v. Mortgage settlement proceeds trust fund. 1. There is hereby

established in the joint custody of the state comptroller and the

commissioner of taxation and finance a trust and agency fund known as

the "mortgage settlement proceeds trust fund".

2. Such fund shall consist of monies paid pursuant to the settlement

agreement dated November nineteenth, two thousand thirteen between J.P.

Morgan Securities LLC (f/k/a "Bear, Stearns & Co. Inc."), JPMorgan Chase

Bank, N.A., EMC Mortgage LLC (f/k/a "EMC Mortgage Corporation") and the

People of the State of New York and that were transferred thereto

pursuant to law from the department of law restitution fund and the

general fund.

3. Up to $439,549,965 of the monies of the fund shall be distributed

in accordance with a plan approved in a memorandum of understanding

executed by the director of the budget, the speaker of the assembly, and

the temporary president of the senate, or their designee, in

consultation with the commissioner of the division of housing and

community renewal, to provide compensation to the state of New York and

its communities for harms purportedly caused by the allegedly unlawful

conduct of J.P. Morgan Securities LLC (f/k/a "Bear, Sterns & Co. Inc."),

JPMorgan Chase Bank, N.A., EMC Mortgage LLC (f/k/a "EMC Mortgage

Corporation") for purposes intended to avoid preventable foreclosures,

to ameliorate the effects of the foreclosure crisis, to enhance law

enforcement efforts to prevent and prosecute financial fraud or unfair

or deceptive acts or practices, and to otherwise promote the interests

of the investing public. Such permissible purposes for allocation of the

funds include, but are not limited to, providing funding for housing

counselors, state and local foreclosure assistance hotlines, state and

local foreclosure mediation programs, legal assistance, housing

remediation and anti-blight projects, and for the training and staffing

of, and capital expenditures required by, financial fraud and consumer

protection efforts, and for any other purpose consistent with the terms

of the settlement agreement dated November nineteenth, two thousand

thirteen between J.P. Morgan Securities LLC (f/k/a "Bear, Stearns & Co.

Inc."), JPMorgan Chase Bank, N.A., EMC Mortgage LLC (f/k/a "EMC Mortgage

Corporation") and the People of the State of New York.

4. Up to $81,500,234 of the monies of the fund shall be distributed in

accordance with a plan developed by the attorney general to provide

compensation to the state of New York and its communities for harms

purportedly caused by the allegedly unlawful conduct of J.P. Morgan

Securities LLC (f/k/a "Bear, Stearns & Co. Inc."), JPMorgan Chase Bank,

N.A., EMC Mortgage LLC (f/k/a "EMC Mortgage Corporation"), for purposes

intended to avoid preventable foreclosures, to ameliorate the effects of

the foreclosure crisis, to enhance law enforcement efforts to prevent

and prosecute financial fraud or unfair or deceptive acts or practices,

and to otherwise promote the interests of the investing public. Such

permissible purposes for allocation of the funds include, but are not

limited to, providing funding for housing counselors, state and local

foreclosure assistance hotlines, state and local foreclosure mediation

programs, legal assistance, housing remediation and anti-blight

projects, and for the training and staffing of, and capital expenditures

required by, financial fraud and consumer protection efforts, and for

any other purpose consistent with the terms of the Settlement Agreement

dated November 19, 2013 between J.P. Morgan Securities LLC (f/k/a "Bear,

Stearns & Co. Inc.") JPMorgan Chase Bank, N.A., EMC Mortgage LLC (f/k/a

"EMC Mortgage Corporation") and the People of the State of New York.

* NB There are 2 § 99-v's