Assembly Bill A8289

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

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2021-A8289 (ACTIVE) - Details

See Senate Version of this Bill:
S670
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: A1112, S4672
2015-2016: A7017, S4785
2017-2018: A7619, S286
2019-2020: A3262, S322, S6079
2023-2024: A3246, S1453

2021-A8289 (ACTIVE) - Summary

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

2021-A8289 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8289
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              October 6, 2021
                                ___________
 
 Introduced  by  M. of A. FAHY -- read once and referred to the Committee
   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.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.