Senate Bill S1347

2015-2016 Legislative Session

Authorizes credit unions to participate in the excelsior linked deposit program and raises the limit on the amount permitted to be on deposit at any given time

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S1347 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Amd §213, St Fin L; amd §454, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7908
2011-2012: S359
2013-2014: S58
2017-2018: S436
2019-2020: S1461
2021-2022: S191

2015-S1347 (ACTIVE) - Summary

Authorizes credit unions to participate in the excelsior linked deposit program.

2015-S1347 (ACTIVE) - Sponsor Memo

2015-S1347 (ACTIVE) - Bill Text download pdf

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

                                  1347

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 12, 2015
                               ___________

Introduced  by  Sen. PERALTA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law and the banking law,  in  relation
  to  authorizing  credit  unions to participate in the excelsior linked
  deposit program

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

  Section 1. Paragraph (b) of subdivision 14 of section 213 of the state
finance  law,  as added by chapter 25 of the laws of 1995, is amended to
read as follows:
  (b) any thrift OR CREDIT UNION which an  authorized  depositor  deter-
mines  is eligible to accept linked deposits based upon criteria applied
by the authorized depositor in making determinations under  section  one
hundred  five  of  this  chapter, and which agrees to participate in the
program, provided that any linked deposit in such thrift OR CREDIT UNION
shall be secured in the same manner  as  moneys  deposited  pursuant  to
section  one  hundred  five  of  this chapter and such thrifts OR CREDIT
UNIONS shall pledge assets or furnish  other  security  satisfactory  in
form and amount to the authorized depositor for the repayment of moneys.
Until  April first, nineteen hundred ninety-six, in the determination of
thrifts eligible to accept linked  deposits,  the  authorized  depositor
shall  give  priority  to  applications by those thrifts seeking to make
linked loans in economic development regions in  which  fewer  than  ten
linked  loans  have been made on or before April first, nineteen hundred
ninety-five. Provided, however, that the granting of such priority shall
in no way relieve an authorized depositor of his or her duty  and  obli-
gation  to  review all thrift applications from all economic development
regions in the state on a timely basis.
  S 2. The closing paragraph of subdivision 15 of  section  213  of  the
state  finance  law,  as  amended by chapter 291 of the laws of 2004, is
amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00247-01-5
              

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