senate Bill S58

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee

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

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to finance
Jan 09, 2013 referred to finance

S58 - Details

Current Committee:
Law Section:
State Finance Law
Laws Affected:
Amd §213, St Fin L; amd §454, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S359
2009-2010: S7908

S58 - Summary

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.

S58 - Sponsor Memo

S58 - Bill Text download pdf

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


                       2013-2014 Regular Sessions

                            I N  S E N A T E


                             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


  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.


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