Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 02, 2022 |
referred to banks delivered to assembly passed senate |
May 16, 2022 |
advanced to third reading |
May 11, 2022 |
2nd report cal. |
May 10, 2022 |
1st report cal.1199 |
Jan 05, 2022 |
referred to banks |
May 18, 2021 |
reported and committed to finance |
Apr 30, 2021 |
committee discharged and committed to banks |
Jan 06, 2021 |
referred to local government |
Senate Bill S670
2021-2022 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Assembly 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
Actions
Votes
co-Sponsors
(D) Senate District
(D) 50th Senate District
(R, C) Senate District
(D, WF) 48th Senate District
2021-S670 (ACTIVE) - Details
2021-S670 (ACTIVE) - Sponsor Memo
BILL NUMBER: S670 SPONSOR: SANDERS TITLE OF BILL: 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 finan- cial 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 PURPOSE OR GENERAL IDEA OF BILL: To allow savings banks, savings and loan associations and federal savings banks to accept deposits from municipalities and allow credit unions to accept deposits under certain limitations. SUMMARY OF PROVISIONS:
2021-S670 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 670 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. SANDERS -- 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; 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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