senate Bill S191

Signed By Governor
2021-2022 Legislative Session

Authorizes credit unions to participate in the excelsior linked deposit program

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor

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

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view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 24, 2021 signed chap.495
Oct 13, 2021 delivered to governor
Jun 03, 2021 returned to senate
passed assembly
ordered to third reading rules cal.326
substituted for a5459
Jun 01, 2021 referred to ways and means
delivered to assembly
passed senate
Apr 27, 2021 advanced to third reading
Apr 26, 2021 2nd report cal.
Apr 21, 2021 1st report cal.714
Jan 06, 2021 referred to finance


S191 (ACTIVE) - Details

See Assembly Version of this Bill:
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
2019-2020: S1461

S191 (ACTIVE) - Summary

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

S191 (ACTIVE) - Sponsor Memo

S191 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                        2021-2022 Regular Sessions
                             I N  S E N A T E
                              January 6, 2021
 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

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


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