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Senate Bill S9523

2021-2022 Legislative Session

Establishes a limitation on financial services assessments and appropriation suballocations

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2021-S9523 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Add §208, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2023-2024: S2041
2025-2026: S2519

2021-S9523 (ACTIVE) - Summary

Establishes a limitation on financial services assessments and appropriation suballocations; requires that money obtained from assessments shall only be used to defray operating expenses of the department of financial services.

2021-S9523 (ACTIVE) - Sponsor Memo

2021-S9523 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9523
 
                             I N  S E N A T E
 
                              August 3, 2022
                                ___________
 
 Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the financial services law, in relation to a  limitation
   on financial services assessments and appropriation suballocations
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The financial services law  is  amended  by  adding  a  new
 section 208 to read as follows:
   §  208. LIMITATION ON FINANCIAL SERVICES ASSESSMENTS AND APPROPRIATION
 SUBALLOCATIONS. NOTWITHSTANDING ANY OTHER LAW,  MONEY  OBTAINED  BY  THE
 DEPARTMENT  FROM  ASSESSMENTS  ON  BANKING  AND  INSURANCE ORGANIZATIONS
 PURSUANT TO SECTION TWO HUNDRED SIX OF THIS ARTICLE SHALL  NOT  BE  USED
 FOR  ANY  PURPOSE OTHER THAN TO DEFRAY OPERATING EXPENSES, INCLUDING ALL
 DIRECT AND INDIRECT COSTS,  OF  THE  DEPARTMENT.  SPECIAL  REVENUE-OTHER
 FUNDS  APPROPRIATION  SUBALLOCATIONS TO OTHER AGENCIES FOR NON-INSURANCE
 OR BANKING PROGRAMS AND OPERATIONS SHALL NOT BE MADE OUT OF  THE  AMOUNT
 APPROPRIATED  TO  THE  DEPARTMENT PURSUANT TO SECTION TWENTY-FOUR OF THE
 STATE FINANCE LAW.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16155-01-2

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