Assembly Bill A7619

2017-2018 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status - In Assembly 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-A7619 (ACTIVE) - Details

See Senate Version of this Bill:
S286
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
2015-2016: A7017, S4785
2019-2020: A3262, S322, S6079
2021-2022: A7334, A8289, S670
2023-2024: A3246, S1453

2017-A7619 (ACTIVE) - Summary

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

2017-A7619 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7619
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2017
                                ___________
 
 Introduced  by  M.  of  A. ZEBROWSKI, LUPARDO, MOSLEY, GOTTFRIED, BLAKE,
   M. G. MILLER, COOK, STECK, HOOPER, FAHY, RA,  SKOUFIS  --  Multi-Spon-
   sored  by -- M. of A.  BARRETT, ENGLEBRIGHT, LOPEZ, McDONALD, SIMANOW-
   ITZ, SKARTADOS, THIELE -- read once and referred to the  Committee  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.
   § 2. Section 454 of the banking law is amended by adding a new  subdi-
 vision 38 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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