|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Nov 13, 2013||signed chap.495|
|Nov 01, 2013||delivered to governor|
|Jun 17, 2013||returned to senate|
ordered to third reading rules cal.210
substituted for a3236
|Apr 16, 2013||referred to banks|
delivered to assembly
|Mar 24, 2013||advanced to third reading|
|Mar 21, 2013||2nd report cal.|
|Mar 20, 2013||1st report cal.269|
|Feb 12, 2013||reported and committed to finance|
|Jan 17, 2013||referred to banks|
senate Bill S2494Signed By Governor
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S2494 - Details
S2494 - Summary
Relates to the maximum amount of funds which the state comptroller and the commissioner of taxation and finance may deposit and the maximum amount of funds on deposit at a community banking institution.
S2494 - Sponsor Memo
BILL NUMBER:S2494 TITLE OF BILL: An act to amend the banking law, in relation to the community bank deposit program PURPOSE: To permit participating banks to expand their usage of the community bank deposit program. SUMMARY OF PROVISIONS: This bill amends subdivision 2 of section 87 of the Banking Law to cap the amount of funds which an individual bank may have on deposit to $20 million. JUSTIFICATION: The community bank deposit program seeks to encourage the State Comptroller and the Commissioner of Taxation and Finance to consider placing State funds into local banks. This program recognizes that local banks are well-positioned to use their deposits to support economic activities in their communities. This bill seeks to expand the program to ensure additional availability of funds. By encouraging the placement of State deposits in local banks, this program creates an opportunity for New York State to help stimulate local economic development. Currently, much of the State's funds may be placed in brokerage firms or in large banking institutions, many of which may be head quartered in another state. In either of those cases, the economic benefits of the State deposits may flow out of the state, and the resulting local economic benefit can be minimal.
S2494 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2494 2013-2014 Regular Sessions I N S E N A T E January 17, 2013 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to the community bank deposit program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 87 of the banking law, as amended by chapter 274 of the laws of 2007, is amended to read as follows: 2. The maximum amount of funds which the state comptroller and the commissioner of taxation and finance may deposit under this program shall not exceed two hundred fifty million dollars each. THE MAXIMUM AMOUNT OF FUNDS ON DEPOSIT AT A COMMUNITY BANKING INSTITUTION SHALL NOT EXCEED TWENTY MILLION DOLLARS. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07267-01-3
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.