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NY S08296
Bill
Status
Introduced
6/21/2010
Primary Sponsor
Kevin Parker
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AI Summary
- Expands the definition of "public deposits" to include savings banks, savings and loan associations, and credit unions in addition to banks and trust companies
- Establishes a $250,000 deposit limit for public funds placed in savings banks, federal savings banks, credit unions, federal credit unions, savings and loan associations, or federal savings and loan associations
- Requires local governments to forward copies of deposit designation resolutions to the State Comptroller for record-keeping purposes
- Permits credit unions to accept public deposits subject to the same security requirements as other deposit institutions under General Municipal Law Section 10
- 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
AMENDED ON THIRD READING 8296C
8/3/2010
Committee Referrals
Rules6/21/2010
Full Bill Text
No bill text available