senate Bill S7415

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

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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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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 14, 2014 referred to local government

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S7415 - Details

See Assembly Version of this Bill:
A930
Current Committee:
Law Section:
General Municipal Law
Laws Affected:
Amd §§10 & 11, Gen Muni L; amd §§105 & 106, St Fin L
Versions Introduced in 2011-2012 Legislative Session:
A7790

S7415 - Summary

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

S7415 - Sponsor Memo

S7415 - Bill Text download pdf

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

                                  7415

                            I N  S E N A T E

                              May 14, 2014
                               ___________

Introduced  by  Sen. SANDERS -- 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 state finance 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 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.
  K.  "SAVINGS AND LOAN ASSOCIATION" SHALL MEAN A SAVINGS AND LOAN ASSO-
CIATION AS DEFINED BY SUBDIVISION EIGHT OF SECTION TWO  OF  THE  BANKING
LAW OR ANY FEDERAL SAVINGS AND LOAN ASSOCIATION.
  S  3.  Subdivisions  2, 3 and 4 of section 10 of the general municipal
law, as amended by chapter 623 of the  laws  of  1998,  paragraph  a  of
subdivision  2 as amended by chapter 128 of the laws of 2012, paragraphs

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

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