senate Bill S3942

2011-2012 Legislative Session

Establishes the savings bank, savings and loan association or credit union municipal deposit program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

More information?
Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to local government
May 25, 2011 reported and committed to banks
Mar 10, 2011 referred to local government

Votes

view votes

May 25, 2011 - Local Government committee Vote

S3942
6
0
committee
6
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: May 25, 2011

aye wr (2)

Co-Sponsors

S3942 - Details

See Assembly Version of this Bill:
A5045A
Current Committee:
Law Section:
General Municipal Law
Laws Affected:
Amd §§10 & 11, Gen Muni L; add §454-a, Bank L
Versions Introduced in 2009-2010 Legislative Session:
A5045, A11538C

S3942 - Summary

Establishes the savings bank, savings and loan association or credit union municipal deposit program.

S3942 - Sponsor Memo

S3942 - Bill Text download pdf

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

                                  3942

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 10, 2011
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the general  municipal  law  and  the  banking  law,  in
  relation  to  the  establishment  of  a savings bank, savings and loan
  association or credit union municipal deposit  program,  and  limiting
  deposits  of  public  funds  in such institutions to two hundred fifty
  thousand dollars

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

  Section  1.  Paragraph c 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:
  c. "Public deposits" shall mean deposits of public funds  in  a  bank,
SAVINGS  BANK,  SAVINGS  AND  LOAN  ASSOCIATION,  CREDIT UNION, or trust
company which are available for all  uses  generally  permitted  by  the
bank, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, CREDIT UNION, or trust
company  to  the  depositing  local  government for actually and finally
collected funds under the bank's, SAVINGS BANK'S, SAVINGS AND LOAN ASSO-
CIATION'S, CREDIT UNION'S, or trust company's account agreement or poli-
cies.
  S 2.  Paragraphs f, g and h of subdivision 1  of  section  10  of  the
general municipal law are relettered paragraphs g, h and i and three new
paragraphs f, j and k are added to read as follows:
  F. "CREDIT UNION" SHALL MEAN A STATE-CHARTERED CREDIT UNION AS DEFINED
BY   SUBDIVISION   NINE   OF  SECTION  TWO  OF  THE  BANKING  LAW  OR  A
FEDERALLY-CHARTERED CREDIT UNION AS DEFINED BY THE FEDERAL CREDIT  UNION
ACT, LOCATED AND AUTHORIZED TO DO BUSINESS IN NEW YORK.
  J.  "SAVINGS BANK" SHALL MEAN A SAVINGS BANK AS DEFINED BY SUBDIVISION
FOUR OF SECTION TWO OF THE BANKING LAW OR ANY FEDERAL SAVINGS BANK.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01445-03-1

S. 3942                             2

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.