Senate Bill S7647

2017-2018 Legislative Session

Requires the superintendent of financial services to examine the green bank at least once every calendar year

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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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2017-S7647 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Public Authorities Law
Laws Affected:
Add §1859-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2019-2020: S5077
2021-2022: S4737
2023-2024: S4615

2017-S7647 (ACTIVE) - Summary

Requires the superintendent of financial services to examine the Green Bank at least once every calendar year and requires that a copy of such examination shall be furnished to NYSERDA, the state comptroller, the senate and the assembly.

2017-S7647 (ACTIVE) - Sponsor Memo

2017-S7647 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7647
 
                             I N  S E N A T E
 
                             February 2, 2018
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
   printed to be committed to the Committee on  Energy  and  Telecommuni-
   cations
 
 AN  ACT to amend the public authorities law, in relation to the examina-
   tion of the Green Bank
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The  public  authorities  law  is amended by adding a new
 section 1859-a to read as follows:
   § 1859-A. EXAMINATION. AT LEAST ONCE IN EACH CALENDAR YEAR, THE  GREEN
 BANK,  A  DIVISION OF THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT
 AUTHORITY, SHALL BE EXAMINED BY THE SUPERINTENDENT OF FINANCIAL SERVICES
 FOR THE PURPOSES OF DETERMINING SUCH ENTITY'S NET WORTH,  THE  SOUNDNESS
 OF  ITS  MANAGEMENT AND OPERATING POLICIES AND THE RATE OF RETURN ON ITS
 LOANS AND INVESTMENTS, AND ANY LOSSES ON SUCH LOANS AND INVESTMENTS. THE
 GREEN BANK SHALL NOT BE DEEMED TO BE A BANKING  ORGANIZATION;  PROVIDED,
 HOWEVER,  THAT THE GREEN BANK SHALL BE EXAMINED APPLYING THE SAME STAND-
 ARDS AS APPLICABLE TO LOANS AND INVESTMENTS BY  FINANCIAL  INSTITUTIONS.
 THE  AUTHORITY  SHALL  PAY THE COST OF SUCH EXAMINATION.  COPIES OF EACH
 EXAMINATION REPORT, INCLUDING THE FINDINGS, CONCLUSIONS AND  RECOMMENDA-
 TIONS  OF THE EXAMINERS, SHALL BE FURNISHED TO THE NEW YORK STATE ENERGY
 RESEARCH AND DEVELOPMENT  AUTHORITY  AND  TO  THE  COMPTROLLER  AND  THE
 RESPECTIVE  CHAIRS OF THE SENATE FINANCE COMMITTEE AND THE ASSEMBLY WAYS
 AND MEANS COMMITTEE.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14304-01-8



              

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