Bulletin: NY000383

Effective January 1, 2009, Chapter 522 of the Laws of 2008 will provide an exemption to the lender of the ¼ % SAMRT (special additional mortgage recording tax) for New York State Credit Unions that have converted from a Federal Credit Union.

In order to qualify for the exemption the converted credit union must be issued an authorization certificate pursuant to section 486 of the Banking law.

To claim the exemption the authorized credit union must submit an affidavit to the recording office.  The affidavit should be attached to the mortgage and state:

1. The mortgagee is a credit union that has been issued a certificate from the Superintendent of Banks pursuant to section 486 of the banking law indicating that the credit union has converted from a federal charter to a state charter on or after January 1, 2009.

2. Pursuant to section 486-a of Article 11 of the Banking Law, the mortgage is exempt from the special additional mortgage recording tax imposed by section 253.1a(a) of the Tax law.

To view the Technical Service Bulletin which contains additional information go to: https://www.tax.ny.gov/pdf/memos/mortgage/m08_5r.pdf

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