|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to finance|
|Jan 09, 2013||referred to finance|
senate Bill S58
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S58 - Details
S58 - Sponsor Memo
BILL NUMBER:S58 TITLE OF BILL: An act to amend the state finance law and the banking law, in relation to authorizing credit unions to participate in the excelsior linked deposit program PURPOSE: This legislation authorizes credit unions to participate in the Excelsior Linked Deposit Program and raises the limit on the amount permitted to be on deposit at any given time. SUMMARY OF PROVISIONS: Sections 1 and 2 amend subdivisions 14 and 15 of § 213 of the State Finance Law to include state and federal credit unions. Section 3 amends § 213 of the State Finance Law by adding a new subdivision 24 defining the term "credit union." Section 4 amends § 454 of the Banking Law to allow state chartered credit unions to accept deposits and make loans pursuant to the Excelsior Linked Deposit Program and pledge assets or other security to repay such moneys. Section 5 states that this act shall take effect immediately.
S58 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 58 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. PERALTA -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the state finance law and the banking law, in relation to authorizing credit unions to participate in the excelsior linked deposit program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 14 of section 213 of the state finance law, as added by chapter 25 of the laws of 1995, is amended to read as follows: (b) any thrift OR CREDIT UNION which an authorized depositor deter- mines is eligible to accept linked deposits based upon criteria applied by the authorized depositor in making determinations under section one hundred five of this chapter, and which agrees to participate in the program, provided that any linked deposit in such thrift OR CREDIT UNION shall be secured in the same manner as moneys deposited pursuant to section one hundred five of this chapter and such thrifts OR CREDIT UNIONS shall pledge assets or furnish other security satisfactory in form and amount to the authorized depositor for the repayment of moneys. Until April first, nineteen hundred ninety-six, in the determination of thrifts eligible to accept linked deposits, the authorized depositor shall give priority to applications by those thrifts seeking to make linked loans in economic development regions in which fewer than ten linked loans have been made on or before April first, nineteen hundred ninety-five. Provided, however, that the granting of such priority shall in no way relieve an authorized depositor of his or her duty and obli- gation to review all thrift applications from all economic development regions in the state on a timely basis. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01097-01-3
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