Loading chat...
NY A07339
Bill
Status
4/29/2011
Primary Sponsor
Inez Barron
Click for details
AI Summary
-
Authorizes savings banks, savings and loan associations, and credit unions to accept deposits (demand, transaction, and time deposits) from political subdivisions including counties, towns, cities, villages, school districts, fire districts, park districts, and improvement districts
-
Permits these financial institutions to secure uninsured portions of political subdivision deposits through either a pledge of obligations or securities, or by providing a good and sufficient undertaking with sureties
-
Amends state finance law to allow state moneys to be deposited in credit unions, savings banks, and savings and loan associations in addition to existing authorized depositaries
-
Authorizes school district treasurers and local government officials to deposit public funds in credit unions, savings banks, and savings and loan associations alongside traditional banks and trust companies
-
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
referred to banks
1/4/2012