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NY A06740
Bill
Status
4/17/2013
Primary Sponsor
Inez Barron
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 act as depositaries for public funds
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Permits these financial institutions to secure deposits not covered by federal deposit insurance through pledges of securities or undertakings with sureties
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Amends state finance law to allow state moneys to be deposited in credit unions, savings banks, and savings and loan associations in addition to traditional banks and trust companies
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Amends education law to permit school district treasurers to deposit funds in any combination of banks, trust companies, savings banks, credit unions, or savings and loan associations
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Repeals subdivision 2 of section 237 of the banking law that previously prohibited savings banks from accepting municipal deposits; changes take effect immediately
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
4/17/2013