assembly Bill A7017

2015-2016 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 Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to banks
Apr 20, 2015 referred to banks

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A7017 (ACTIVE) - Details

See Senate Version of this Bill:
S4785
Current Committee:
Assembly Banks
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L; amd §§454, 237, 234 & 383, add §454-a, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4370
2011-2012: A3239
2013-2014: A1112, S4672
2017-2018: A7619, S286
2019-2020: A3262, S322, S6079
2021-2022: A7334, A8289, S670

A7017 (ACTIVE) - Summary

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

A7017 (ACTIVE) - Bill Text download pdf

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

                                  7017

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 20, 2015
                               ___________

Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
  tee on Banks

AN  ACT  to  amend  the  general  municipal  law and the banking 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 d 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:
  d. "Bank" shall mean a bank  as  defined  by  the  banking  law  or  a
national  banking  association  located and authorized to do business in
New York; A CREDIT UNION AS DEFINED BY THE  BANKING  LAW  OR  A  FEDERAL
CREDIT UNION LOCATED AND AUTHORIZED TO DO BUSINESS IN NEW YORK WHICH HAS
ITS  PRINCIPAL OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (A) OF SUBDI-
VISION THIRTY-EIGHT OF SECTION FOUR HUNDRED FIFTY-FOUR  OF  THE  BANKING
LAW,  OR  A  BRANCH  OFFICE  IN A LOCATION DESCRIBED IN PARAGRAPH (B) OF
SUBDIVISION THIRTY-EIGHT OF SECTION FOUR HUNDRED FIFTY-FOUR OF THE BANK-
ING LAW; OR A SAVINGS BANK AS DEFINED BY THE BANKING LAW, A SAVINGS  AND
LOAN  ASSOCIATION  AS  DEFINED  BY  THE BANKING LAW OR A FEDERAL SAVINGS
ASSOCIATION LOCATED AND AUTHORIZED TO DO BUSINESS IN NEW YORK WHICH  HAS
ITS  PRINCIPAL OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (A) OF SUBDI-
VISION TWO OF SECTION TWO HUNDRED THIRTY-SEVEN OF THE BANKING LAW, OR  A
BRANCH  OFFICE  IN  A LOCATION DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION
TWO OF SECTION TWO HUNDRED THIRTY-SEVEN OF THE BANKING LAW.
  S 2. Section 454 of the banking law is amended by adding a new  subdi-
vision 38 to read as follows:
  38.  (A)  TO  ACCEPT  DEPOSITS  FOR  CREDIT  TO A LOCAL GOVERNMENT, AS
DEFINED IN PARAGRAPH A OF SUBDIVISION ONE OF SECTION TEN OF THE  GENERAL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07872-01-5