2023 New York Laws › STF - State Finance › Article 6 - Funds of the State › 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