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NY S09523

Bill

Official Source

Status

Introduced

8/3/2022

Primary Sponsor

James Tedisco

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Amends Financial Services Law by adding Section 208 to restrict use of assessment funds collected from banking and insurance organizations
  • Requires money from assessments under Section 206 be used only to defray operating expenses, including direct and indirect costs, of the Department of Financial Services
  • Prohibits Special Revenue-Other funds appropriation suballocations to other agencies for non-insurance or non-banking programs and operations from the amount appropriated to the department under State Finance Law Section 24
  • Takes effect immediately upon enactment

Legislative Description

Establishes a limitation on financial services assessments and appropriation suballocations; requires that money obtained from assessments shall only be used to defray operating expenses of the department of financial services.

Last Action

REFERRED TO RULES

8/3/2022

Committee Referrals

Rules8/3/2022

Full Bill Text

No bill text available