assembly Bill A4370A

2009-2010 Legislative Session

Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 08, 2010 held for consideration in banks
Feb 18, 2010 print number 4370a
Feb 18, 2010 amend and recommit to banks
Jan 06, 2010 referred to banks
Feb 03, 2009 referred to banks

Co-Sponsors

Multi-Sponsors

A4370 - Details

See Senate Version of this Bill:
S1782
Current Committee:
Assembly Banks
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L; amd §§454, 237, 234 & 383, add §454-a, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A3239
2013-2014: A1112
2015-2016: A7017
2017-2018: A7619
2019-2020: A3262
2021-2022: A7334, A8289

A4370 - Summary

Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.

A4370 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4370

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 3, 2009
                               ___________

Introduced  by M. of A. HEASTIE -- read once and referred to the Commit-
  tee on Banks

AN ACT to amend the general  municipal  law  and  the  banking  law,  in
  relation  to  allowing  credit unions, savings banks, savings and loan
  associations and federal savings associations  to  accept  and  secure
  deposits from municipal corporations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph d of subdivision 1 of section 10 of  the  general
municipal law, as amended by chapter 623 of the laws of 1998, is amended
to read as follows:
  d.  "Bank"  shall  mean  a  bank  as  defined  by the banking law or a
national banking association located and authorized to  do  business  in
New  York;  A  CREDIT  UNION  AS  DEFINED BY THE BANKING LAW LOCATED AND
AUTHORIZED TO DO BUSINESS IN NEW YORK WHICH HAS ITS PRINCIPAL OFFICE  IN
A  LOCATION  DESCRIBED  IN  PARAGRAPH (A) OF SUBDIVISION THIRTY-SEVEN OF
SECTION FOUR HUNDRED FIFTY-FOUR OF THE BANKING LAW, OR A  BRANCH  OFFICE
IN  A LOCATION DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION THIRTY-SEVEN OF
SECTION FOUR HUNDRED FIFTY-FOUR OF THE BANKING LAW; OR A SAVINGS BANK AS
DEFINED BY THE BANKING LAW, A SAVINGS AND LOAN ASSOCIATION AS DEFINED BY
THE BANKING LAW OR A FEDERAL SAVINGS ASSOCIATION LOCATED AND  AUTHORIZED
TO  DO BUSINESS IN NEW YORK WHICH HAS ITS PRINCIPAL OFFICE IN A LOCATION
DESCRIBED IN PARAGRAPH (A) OF SUBDIVISION TWO  OF  SECTION  TWO  HUNDRED
THIRTY-SEVEN  OF  THE  BANKING  LAW,  OR  A  BRANCH OFFICE IN A LOCATION
DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION TWO  OF  SECTION  TWO  HUNDRED
THIRTY-SEVEN OF THE BANKING LAW.
  S  2. Section 454 of the banking law is amended by adding a new subdi-
vision 37 to read as follows:
  37. (A) TO ACCEPT DEPOSITS  FOR  CREDIT  TO  A  LOCAL  GOVERNMENT,  AS
DEFINED  IN PARAGRAPH A OF SUBDIVISION ONE OF SECTION TEN OF THE GENERAL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02399-01-9

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A4370A (ACTIVE) - Details

See Senate Version of this Bill:
S1782
Current Committee:
Assembly Banks
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L; amd §§454, 237, 234 & 383, add §454-a, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A3239
2013-2014: A1112
2015-2016: A7017
2017-2018: A7619
2019-2020: A3262
2021-2022: A7334, A8289

A4370A (ACTIVE) - Summary

Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.

A4370A (ACTIVE) - Sponsor Memo

A4370A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4370--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 3, 2009
                               ___________

Introduced  by  M. of A. HEASTIE, CASTRO, KOON, STIRPE, GIBSON -- Multi-
  Sponsored by -- M. of A. DenDEKKER -- read once and  referred  to  the
  Committee on Banks -- recommitted to the Committee on Banks in accord-
  ance  with  Assembly  Rule  3,  sec.  2  -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to  amend  the  general  municipal  law and the banking law, in
  relation to allowing credit unions, savings banks,  savings  and  loan
  associations  and  federal  savings  associations to accept and secure
  deposits from municipal corporations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph d of subdivision 1 of section 10 of the general
municipal law, as amended by chapter 623 of the laws of 1998, is amended
to read as follows:
  d. "Bank" shall mean a bank  as  defined  by  the  banking  law  or  a
national  banking  association  located and authorized to do business in
New York; A CREDIT UNION AS DEFINED BY THE  BANKING  LAW  OR  A  FEDERAL
CREDIT UNION LOCATED AND AUTHORIZED TO DO BUSINESS IN NEW YORK WHICH HAS
ITS  PRINCIPAL OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (A) OF SUBDI-
VISION THIRTY-SEVEN OF SECTION FOUR HUNDRED FIFTY-FOUR  OF  THE  BANKING
LAW,  OR  A  BRANCH  OFFICE  IN A LOCATION DESCRIBED IN PARAGRAPH (B) OF
SUBDIVISION THIRTY-SEVEN OF SECTION FOUR HUNDRED FIFTY-FOUR OF THE BANK-
ING LAW; OR A SAVINGS BANK AS DEFINED BY THE BANKING LAW, A SAVINGS  AND
LOAN  ASSOCIATION  AS  DEFINED  BY  THE BANKING LAW OR A FEDERAL SAVINGS
ASSOCIATION LOCATED AND AUTHORIZED TO DO BUSINESS IN NEW YORK WHICH  HAS
ITS  PRINCIPAL OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (A) OF SUBDI-
VISION TWO OF SECTION TWO HUNDRED THIRTY-SEVEN OF THE BANKING LAW, OR  A
BRANCH  OFFICE  IN  A LOCATION DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION
TWO OF SECTION TWO HUNDRED THIRTY-SEVEN OF THE BANKING LAW.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02399-02-0