S T A T E O F N E W Y O R K
2011-2012 Regular Sessions
I N S E N A T E
April 29, 2011
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks
AN ACT to amend the banking law, in relation to the community bank
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 2 of section 87 of the banking law, as amended
by chapter 274 of the laws of 2007, is amended to read as follows:
2. The maximum amount of funds which the state comptroller and the
commissioner of taxation and finance may deposit under this program
shall not exceed [two] THREE hundred fifty million dollars each. THE
MAXIMUM AMOUNT OF FUNDS ON DEPOSIT AT A COMMUNITY BANKING INSTITUTION
SHALL NOT EXCEED TWENTY MILLION DOLLARS.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.