Senate Bill S5542A

2023-2024 Legislative Session

Provides for restructuring unsustainable sovereign and subnational debt

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks 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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Bill Amendments

co-Sponsors

2023-S5542 - Details

See Assembly Version of this Bill:
A2970
Current Committee:
Senate Banks
Law Section:
Debtor and Creditor Law
Laws Affected:
Add Art 8 §§220 - 232, D & C L
Versions Introduced in 2021-2022 Legislative Session:
S6627, A10595

2023-S5542 - Summary

Provides for restructuring unsustainable sovereign and subnational debt; provides a voluntary petition for relief may be filed with the state.

2023-S5542 - Sponsor Memo

2023-S5542 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5542
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2023
                                ___________
 
 Introduced  by  Sens.  RIVERA, BRISPORT, CLEARE, GIANARIS, MYRIE, RAMOS,
   SALAZAR, SANDERS -- read twice and ordered printed, and  when  printed
   to be committed to the Committee on Banks
 
 AN ACT to amend the banking law, in relation to restructuring unsustain-
   able sovereign and subnational debt

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The banking law is amended by adding a  new  article  7  to
 read as follows:
                                 ARTICLE 7
                      SOVEREIGN AND SUBNATIONAL DEBT
 SECTION 300. LEGISLATIVE INTENT.
         301. DEFINITIONS.
         302. PETITION FOR RELIEF; RECOGNITION.
         303. NOTIFICATION OF CREDITORS.
         304. DEBT RECONCILIATION.
         305. SUBMISSION, CONTENTS AND VOTING ON PLAN.
         306. FINANCING THE RESTRUCTURING.
         307. PRIORITY OF REPAYMENT.
         308. ADJUDICATION OF DISPUTES.
         309. APPLICATION; OPT IN.
   §  300.  LEGISLATIVE INTENT. THE PURPOSE OF THIS ARTICLE IS TO PROVIDE
 EFFECTIVE  MECHANISMS  FOR  RESTRUCTURING  UNSUSTAINABLE  SOVEREIGN  AND
 SUBNATIONAL DEBT SO AS TO:
   1. REDUCE THE SOCIAL COSTS OF SOVEREIGN AND SUBNATIONAL DEBT CRISES TO
 RESIDENTS OF THIS STATE;
   2.  REDUCE  SYSTEMIC  RISK  TO  THE FINANCIAL SYSTEM, A SYSTEM THAT IS
 CONCENTRATED IN THIS STATE;
   3. REDUCE CREDITOR UNCERTAINTY, INCLUDING TO THE NUMEROUS  HOLDERS  OF
 SOVEREIGN DEBT THAT ARE RESIDENTS IN THIS STATE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02418-03-3
 S. 5542                             2
              

co-Sponsors

2023-S5542A (ACTIVE) - Details

See Assembly Version of this Bill:
A2970
Current Committee:
Senate Banks
Law Section:
Debtor and Creditor Law
Laws Affected:
Add Art 8 §§220 - 232, D & C L
Versions Introduced in 2021-2022 Legislative Session:
S6627, A10595

2023-S5542A (ACTIVE) - Summary

Provides for restructuring unsustainable sovereign and subnational debt; provides a voluntary petition for relief may be filed with the state.

2023-S5542A (ACTIVE) - Sponsor Memo

2023-S5542A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5542--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2023
                                ___________
 
 Introduced  by  Sens.  RIVERA, BRISPORT, CLEARE, COMRIE, GIANARIS, HOYL-
   MAN-SIGAL, KRUEGER, MYRIE, RAMOS, SALAZAR, SANDERS -- read  twice  and
   ordered  printed, and when printed to be committed to the Committee on
   Banks -- recommitted to the Committee  on  Banks  in  accordance  with
   Senate  Rule  6, sec. 8 -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the debtor and creditor law, in relation to  restructur-
   ing unsustainable sovereign and subnational debt
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "sovereign debt stability act".
   §  2. The debtor and creditor law is amended by adding a new article 8
 to read as follows:
                                 ARTICLE 8
                      SOVEREIGN AND SUBNATIONAL DEBT
 SECTION 220. LEGISLATIVE INTENT.
         221. DEFINITIONS.
         222. ELECTION TO BE COVERED BY THE PROVISIONS OF THIS ARTICLE.
         223. PETITION FOR RELIEF; RECOGNITION.
         224. NOTIFICATION OF CREDITORS.
         225. DEBT RECONCILIATION.
         226. SUBMISSION, CONTENTS AND VOTING ON PLAN.
         227. FINANCING THE RESTRUCTURING.
         228. PRIORITY OF REPAYMENT.
         229. ADJUDICATION OF DISPUTES.
         230. RECOVERABILITY OF SECTION 230 CLAIMS.
         231. APPLICATION; OPT IN.
         232. SEVERABILITY.
   § 220. LEGISLATIVE INTENT.  THE LEGISLATURE FINDS THAT IT IS  A  LONG-
 STANDING  POLICY  OF THE UNITED STATES AND THE STATE OF NEW YORK, AS THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02418-09-4
              

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