Senate Bill S322

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

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Archive: Last Bill Status - Stricken


  • 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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2019-S322 (ACTIVE) - Details

See Assembly Version of this Bill:
A3262
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: S4672, A1112
2015-2016: S4785, A7017
2017-2018: S286, A7619
2021-2022: S670, A7334, A8289
2023-2024: S1453, A3246

2019-S322 (ACTIVE) - Summary

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

2019-S322 (ACTIVE) - Sponsor Memo

2019-S322 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    322
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sen.  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
              

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