senate Bill S6483

Signed By Governor
2011-2012 Legislative Session

Relates to limitations on insurers that may provide certain surety bonds by changing the claims-paying ability rating needed for eligibility

download bill text pdf

Sponsored By

Archive: Last Bill Status -

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

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view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 17, 2012 signed chap.416
Aug 06, 2012 delivered to governor
Jun 14, 2012 returned to senate
passed assembly
ordered to third reading rules cal.210
substituted for a9676
Mar 06, 2012 referred to local governments
delivered to assembly
passed senate
Mar 05, 2012 advanced to third reading
Mar 01, 2012 2nd report cal.
Feb 29, 2012 1st report cal.234
Feb 15, 2012 referred to local government


view votes

Feb 29, 2012 - Local Government committee Vote

Aye with Reservations
show Local Government committee vote details

Local Government Committee Vote: Feb 29, 2012

excused (1)

S6483 - Details

See Assembly Version of this Bill:
Law Section:
Local Finance Law
Laws Affected:
Amd ยง58.00, Loc Fin L

S6483 - Summary

Relates to limitations on insurers that may provide certain surety bonds by changing the claims-paying ability rating needed for eligibility.

S6483 - Sponsor Memo

S6483 - Bill Text download pdf

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


                            I N  S E N A T E

                            February 15, 2012

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 local finance law, in  relation  to  limitations  on
  insurers that may provide certain surety bonds


  Section 1. Subdivision 3 of paragraph c of section 58.00 of the  local
finance  law,  as amended by chapter 386 of the laws of 2010, is amended
to read as follows:
  3. A requirement that as a condition precedent to the consideration of
his or her bid, each bidder shall deposit  with  such  official  as  the
agency  in  charge  of  the sale may designate, a certified or cashier's
check drawn upon an incorporated bank or trust company to the  order  of
the  municipality, school district or district corporation or such offi-
cial, for the amount specified in the notice, but in no event less  than
one-half  of  one       per centum of the amount of bonds to be bid for.
Such notice may also provide that, in lieu of a certified  or  cashier's
check,  bidders  may furnish as security cash in such amount remitted by
wire transfer to an account specified in the notice or an eligible sure-
ty bond or an eligible letter of credit, approved by such official as to
form, sufficiency,  and  manner  of  execution.  For  purposes  of  this
section,  "eligible surety bond" shall mean a bond executed by an insur-
ance company authorized to do business in this state, the  claims-paying
ability  of which is rated in ONE OF the THREE highest rating [category]
CATEGORIES by at  least  [two]  ONE  nationally  recognized  statistical
rating  [organizations]  ORGANIZATION;  and  "eligible letter of credit"
shall mean an irrevocable letter of credit issued in favor of the  muni-
cipality,  school  district  or  district corporation, for a term not to
exceed ninety days by a bank, as that term is defined in section two  of
the  banking  law, whose commercial paper and other unsecured short-term
debt obligations (or, in the case of  a  bank  which  is  the  principal
subsidiary  of  a  holding  company,  whose holding company's commercial
paper and other unsecured short-term debt obligations) are rated in  one
of the three highest rating categories (based on the credit of such bank

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


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