Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to local government |
Jan 04, 2017 |
referred to local government |
Senate Bill S286
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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
Actions
co-Sponsors
(D) Senate District
(R, C) 60th Senate District
(R, C, IP) 54th Senate District
(R, C) Senate District
2017-S286 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7619
- Current Committee:
- Senate Local Government
- 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: S4672, A1112
2015-2016: S4785, A7017
2019-2020: S322, S6079, A3262
2021-2022: S670, A7334, A8289
2023-2024: S1453, A3246
2017-S286 (ACTIVE) - Sponsor Memo
BILL NUMBER: S286 TITLE OF BILL : 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 PURPOSE : To allow savings banks, savings and loan associations and Credit unions to accept deposits from municipalities. SUMMARY : Section 1 changes the definition of "bank" to include credit unions, or federal credit unions, savings banks and savings & loan associations. Section 2. adds accepting deposits from a local government to the general powers of a credit union. Section 3 requires credit unions to pledge assets or furnish other security for deposits accepted from local governments.
2017-S286 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 286 2017-2018 Regular Sessions I N S E N A T E (PREFILED) January 4, 2017 ___________ Introduced by Sen. ROBACH -- 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 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. § 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
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