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NY A11538
Bill
Status
Introduced
6/23/2010
Primary Sponsor
Vanessa Gibson
Click for details
AI Summary
- Expands eligible depository institutions for municipal public funds to include savings banks, savings and loan associations, and credit unions in addition to traditional banks and trust companies
- Limits public fund deposits in savings banks, federal savings banks, credit unions, federal credit unions, savings and loan associations, and federal savings and loan associations to $250,000
- Requires local governments to forward copies of deposit designation resolutions to the State Comptroller for record-keeping purposes
- Amends banking law to permit credit unions to accept public deposits subject to the same security requirements and limitations as other depository institutions
- Takes effect 90 days after becoming law
Legislative Description
Establishes the savings bank, savings and loan association or credit union municipal deposit program.
Last Action
print number 11538c
7/7/2010
Committee Referrals
Banks6/23/2010
Full Bill Text
No bill text available