senate Bill S4672

2013-2014 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 Senate 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to local government
Apr 17, 2013 referred to local government

S4672 - Details

See Assembly Version of this Bill:
A1112
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 Previous Legislative Sessions:
2011-2012: A3239
2009-2010: A4370A

S4672 - Summary

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

S4672 - Sponsor Memo

S4672 - Bill Text download pdf

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

                                  4672

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 17, 2013
                               ___________

Introduced  by  Sen.  ROBACH -- 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  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.
  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.
                                                           LBD04287-01-3

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