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Assembly Bill A7096

2015-2016 Legislative Session

Authorizes state chartered banking institutions to pledge investment grade corporate bonds to secure state and municipal deposits

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Archive: Last Bill Status - In Assembly Committee

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2015-A7096 (ACTIVE) - Details

See Senate Version of this Bill:
S4305
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง12-b, Bank L
Versions Introduced in 2017-2018 Legislative Session:
A2881, S2420

2015-A7096 (ACTIVE) - Summary

Authorizes state chartered banking institutions to pledge investment grade corporate bonds to secure state and municipal deposits; also authorizes the pledging of municipal bonds having a maturity of more than 5 years.

2015-A7096 (ACTIVE) - Bill Text download pdf 

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

                                  7096

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             April 23, 2015
                               ___________

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

AN  ACT  to  amend the banking law, in relation to deposits of state and
  municipal funding in banking institutions

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The banking law is amended by adding a new section 12-b to
read as follows:
  S 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING
INSTITUTIONS. 1. NOTWITHSTANDING ANY PROVISION OF THE STATE FINANCE LAW,
THE LOCAL FINANCE LAW OR THIS CHAPTER TO THE CONTRARY, A STATE CHARTERED
BANKING INSTITUTION WHICH HOLDS STATE FUNDS OR THE FUNDS  OF  ANY  POLI-
TICAL  SUBDIVISION THEREOF MAY ACCEPT AND PLEDGE INVESTMENT GRADE CORPO-
RATE BONDS, TO THE EXTENT AUTHORIZED BY THE  FEDERAL  RESERVE  BANK,  AS
COLLATERAL FOR ANY DISCOUNT WINDOW BORROWING OF SUCH FUNDS.  FURTHERMORE
MUNICIPAL  BONDS HAVING FIVE OR MORE YEARS OF MATURITY MAY BE PLEDGED TO
SECURE SUCH DEPOSITS.
  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06066-01-5

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