senate Bill S1461

2019-2020 Legislative Session

Authorizes credit unions to participate in the excelsior linked deposit program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to finance
Jun 20, 2019 committed to rules
Mar 14, 2019 advanced to third reading
Mar 13, 2019 2nd report cal.
Mar 12, 2019 1st report cal.282
Jan 15, 2019 referred to finance

Votes

view votes

Mar 12, 2019 - Finance committee Vote

S1461
15
4
committee
15
Aye
4
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

Co-Sponsors

S1461 (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
2015-2016: S1347
2017-2018: S436
2021-2022: S191

S1461 (ACTIVE) - Summary

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

S1461 (ACTIVE) - Sponsor Memo

S1461 (ACTIVE) - Bill Text download pdf


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

                                  1461

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 15, 2019
                               ___________

Introduced  by  Sen. SANDERS -- 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.
  § 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.

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