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 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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Bill Amendments

co-Sponsors

2019-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
2023-2024: S1453, A3246

2019-S6079 - Summary

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

2019-S6079 - Sponsor Memo

2019-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

2019-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
2023-2024: S1453, A3246

2019-S6079A (ACTIVE) - Summary

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

2019-S6079A (ACTIVE) - Sponsor Memo

2019-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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