assembly Bill A7334

2021-2022 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

Current Bill Status - In Assembly 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 19, 2021 reported referred to ways and means
May 05, 2021 referred to banks

Co-Sponsors

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A7334 (ACTIVE) - Details

See Senate Version of this Bill:
S670
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: A1112, S4672
2015-2016: A7017, S4785
2017-2018: A7619, S286
2019-2020: A3262, S322, S6079

A7334 (ACTIVE) - Summary

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

A7334 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7334
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 5, 2021
                                ___________
 
 Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
   tee on Banks
 
 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
 DEFINED BY THE BANKING LAW OR A FEDERAL CREDIT UNION LOCATED AND AUTHOR-
 IZED  TO  DO  BUSINESS  IN  NEW YORK WHICH HAS ITS PRINCIPAL OFFICE IN A
 LOCATION DESCRIBED IN  PARAGRAPH  (A)  OF  SUBDIVISION  THIRTY-EIGHT  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.