senate Bill S6079A

2019-2020 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

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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 (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to banks
Jun 13, 2019 print number 6079a
Jun 13, 2019 amend (t) and recommit to banks
May 21, 2019 committee discharged and committed to banks
May 16, 2019 referred to local government

Co-Sponsors

S6079 - Details

See Assembly Version of this Bill:
A3262
Current Committee:
Senate Banks
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L; amd §§454, 237, 234, 383, 86 & 87, add §§454-a & 454-b, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4370
2011-2012: A3239
2013-2014: S4672, A1112
2015-2016: S4785, A7017
2017-2018: S286, A7619
2021-2022: S670, A7334, A8289

S6079 - Summary

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

S6079 - Sponsor Memo

S6079 - Bill Text download pdf


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

                                  6079

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced  by  Sens. SANDERS, 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
                      [ ] is old law to be omitted.
                                                           LBD02132-01-9

Co-Sponsors

view additional co-sponsors

S6079A (ACTIVE) - Details

See Assembly Version of this Bill:
A3262
Current Committee:
Senate Banks
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L; amd §§454, 237, 234, 383, 86 & 87, add §§454-a & 454-b, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4370
2011-2012: A3239
2013-2014: S4672, A1112
2015-2016: S4785, A7017
2017-2018: S286, A7619
2021-2022: S670, A7334, A8289

S6079A (ACTIVE) - Summary

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

S6079A (ACTIVE) - Sponsor Memo

S6079A (ACTIVE) - Bill Text download pdf


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

                                 6079--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced  by  Sens.  SANDERS,  ROBACH,  MAY,  MAYER  -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Local  Government  --  committee discharged and said bill committed to
  the Committee on Banks -- committee discharged, bill amended,  ordered
  reprinted as amended and recommitted to said committee

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;  to  direct  the  department  of
  financial  services  to  conduct a study and issue a report concerning
  the impact of allowing certain financial institutions to accept  local
  government  public  deposits;  and providing for the repeal of certain
  provisions upon the expiration thereof

  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 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 10 of the general municipal law is amended  by  adding  a
new subdivision 5 to read as follows:
  5.  IN  ADDITION  TO  THE  FINANCIAL INSTITUTIONS AUTHORIZED TO ACCEPT
PUBLIC DEPOSITS IN SUBDIVISION TWO OF THIS SECTION,  CREDIT  UNIONS,  AS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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