Senate Bill S670

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

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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

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2021-S670 (ACTIVE) - Details

See Assembly Version of this Bill:
A8289
Current Committee:
Assembly 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
2019-2020: S322, S6079, A3262
2023-2024: S1453, A3246

2021-S670 (ACTIVE) - Summary

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

2021-S670 (ACTIVE) - Sponsor Memo

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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