senate Bill S2420B

Signed By Governor
2017-2018 Legislative Session

Relates to the definition of eligible securities in relation to obligations of domestic corporations

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (24)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 21, 2018 signed chap.424
Dec 12, 2018 delivered to governor
Jun 12, 2018 returned to senate
passed assembly
ordered to third reading rules cal.92
substituted for a2881b
Jun 11, 2018 referred to ways and means
delivered to assembly
passed senate
May 15, 2018 advanced to third reading
May 14, 2018 2nd report cal.
May 09, 2018 1st report cal.1134
Jan 03, 2018 referred to banks
returned to senate
died in assembly
Jun 13, 2017 referred to ways and means
delivered to assembly
passed senate
Jun 05, 2017 amended on third reading (t) 2420b
May 10, 2017 amended on third reading (t) 2420a
Apr 24, 2017 advanced to third reading
Apr 09, 2017 2nd report cal.
Apr 04, 2017 1st report cal.531
Jan 13, 2017 referred to banks

Votes

view votes

May 9, 2018 - Banks committee Vote

S2420B
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Apr 4, 2017 - Banks committee Vote

S2420
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Co-Sponsors

S2420 - Details

See Assembly Version of this Bill:
A2881
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
S4305, A7096

S2420 - Summary

Relates to the definition of eligible securities in relation to obligations of domestic corporations.

S2420 - Sponsor Memo

S2420 - Bill Text download pdf


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

                                  2420

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 13, 2017
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee 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:
  § 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING
INSTITUTIONS.  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.
  § 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.
                                                           LBD01882-01-7

Co-Sponsors

S2420A - Details

See Assembly Version of this Bill:
A2881
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
S4305, A7096

S2420A - Summary

Relates to the definition of eligible securities in relation to obligations of domestic corporations.

S2420A - Sponsor Memo

S2420A - Bill Text download pdf


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

                                 2420--A
    Cal. No. 531

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 13, 2017
                               ___________

Introduced  by  Sens. GRIFFO, RITCHIE -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks -- reported
  favorably from said committee, ordered to  first  and  second  report,
  ordered  to  a third reading, amended and ordered reprinted, retaining
  its place in the order of third reading

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

  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:
  § 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING
INSTITUTIONS. 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.
  § 2. Subparagraph (viii) of paragraph f 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:
  (viii) Obligations of domestic corporations [rated in one of  the  two
highest  rating categories by at least one nationally recognized statis-
tical rating organization] THAT MEET THE NATIONALLY  RECOGNIZED  STATIS-
TICAL RATING ORGANIZATION OF "INVESTMENT GRADE" AT A MINIMUM. IF A SECU-
RITY  HAS  MORE  THAN  ONE CREDIT RATING ASSIGNED, THE MOST CONSERVATIVE
(LOWEST) RATING WILL BE UTILIZED.
  § 3. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.

Co-Sponsors

S2420B (ACTIVE) - Details

See Assembly Version of this Bill:
A2881
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
S4305, A7096

S2420B (ACTIVE) - Summary

Relates to the definition of eligible securities in relation to obligations of domestic corporations.

S2420B (ACTIVE) - Sponsor Memo

S2420B (ACTIVE) - Bill Text download pdf


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

                                 2420--B
    Cal. No. 531

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            January 13, 2017
                               ___________

Introduced  by  Sens. GRIFFO, RITCHIE -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks -- reported
  favorably from said committee, ordered to  first  and  second  report,
  ordered  to  a third reading, amended and ordered reprinted, retaining
  its place in the order of third reading -- again amended  and  ordered
  reprinted, retaining its place in the order of third reading

AN ACT to amend the general municipal law, in relation to the definition
  of  eligible  securities in relation to obligations of domestic corpo-
  rations

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

  Section  1.    Subparagraph  (viii) of paragraph f 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:
  (viii)  Obligations of domestic corporations rated in one of the [two]
FOUR highest rating categories by at  least  one  nationally  recognized
statistical rating organization.
  §  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.
                                                           LBD01882-05-7

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.