|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 14, 2014||referred to local government|
senate Bill S7415
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7415 - Details
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
BILL NUMBER:S7415 TITLE OF BILL: 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 SUMMARY OF PROVISIONS: This bill would amend Sections 10 and 11 of the General Municipal Law to authorize deposits of municipal funds in credit unions, savings banks and savings and loan associations. Deposits would only be authorized in any particular bank, credit union or savings and loans associations if such bank, credit union or savings and loans asso- ciation pays the mortgage recording taxes required by Article 11 of the Tax Law. Public funds deposited into a savings bank, federal savings bank, credit union, federal credit union, savings and loan association, or federal savings and loan association would be limited to one million dollars per depositary. REASONS FOR SUPPORT: This legislation advances New York City's long- standing goals of ensuring a fair and vibrant marketplace for consumers and businesses, through licensing, public education, and the enforcement of the City's consumer protection laws. The New York City Department of Consumer Affairs (DCA) Office of Financial Empowerment (OFE) was launched by the Center for Economic Opportunity in December 2007, as the first local government initiative in the nation aimed expressly at educating, empowering, and protecting those with low incomes, so they
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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