New York Laws
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

Structure New York Laws