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NY A05466
Bill
Status
2/22/2011
Primary Sponsor
Darryl Towns
Click for details
AI Summary
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Authorizes savings banks, savings and loan associations, and credit unions to accept deposits from political subdivisions (counties, towns, cities, villages, school districts, fire districts, park districts, and improvement districts) and act as depositaries for public funds
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Allows these institutions to secure uninsured deposits through pledges of obligations or securities, or through good and sufficient undertakings with sureties as required by law
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Amends state finance law to permit deposits of state moneys in savings banks, savings and loan associations, and credit unions, in addition to existing banks and trust companies
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Expands education law to allow city school district treasurers to deposit funds in savings banks, credit unions, and savings and loan associations alongside traditional banks and trust companies
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Repeals subdivision 2 of section 237 of the banking law, which previously prohibited savings banks from accepting municipal corporation deposits
Legislative Description
Allows savings banks, savings and loan associations and credit unions to accept deposits from municipal corporations and authorizes the deposit of certain public funds of political subdivisions and school districts in savings banks, savings and loan associations and credit unions.
Last Action
enacting clause stricken
4/20/2011