|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to local government|
|Jan 31, 2013||referred to local government|
senate Bill S3161
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3161 - Details
S3161 - Summary
Establishes the savings bank, savings and loan association or credit union municipal deposit program.
S3161 - Sponsor Memo
BILL NUMBER:S3161 TITLE OF BILL: An act to amend the general municipal law and the bank- ing 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 thou- sand dollars PURPOSE: To allow savings banks, savings and loan associations and federal savings banks to accept deposits from municipalities. SUMMARY: Section 1 adds accepting deposits from a local government to the general powers of a credit union. Section 2 changes the definition of "bank" to include credit unions, or federal credit unions, savings banks and savings & loan associations. Section 3 requires credit unions to pledge assets or furnish other secu- rity for deposits accepted from local governments, and limits receipt of municipal deposits to $250,000. Section 3 also removes restrictions on savings banks from accepting deposits from a local government.
S3161 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3161 2013-2014 Regular Sessions I N S E N A T E January 31, 2013 ___________ 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. LBD06885-02-3 S. 3161 2
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