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NY A09587
Bill
Status
3/22/2024
Primary Sponsor
Fred Thiele
Click for details
AI Summary
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Expands the definition of eligible depositories for municipal public funds to include savings banks, savings and loan associations, and credit unions in addition to existing banks and trust companies.
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Allows local governments to authorize designated banks, savings banks, savings and loan associations, and credit unions to arrange redeposit of public funds through deposit placement programs, provided funds are fully insured by the Federal Deposit Insurance Corporation or National Credit Union Share Insurance Fund.
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Requires local governments to forward copies of resolutions authorizing deposit placement programs to the Office of the State Comptroller for record-keeping purposes.
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Permits local governments to temporarily invest idle funds in special time deposit accounts, certificates of deposit, or share certificates issued by savings banks, savings and loan associations, and credit unions under specified conditions including federal deposit insurance coverage.
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Establishes that credit unions accepting public money deposits must comply with General Municipal Law requirements and pledge assets or furnish security satisfactory to the depositor for repayment of deposited funds when required by law.
Legislative Description
Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union accepting deposits of public money is subject to certain limitations and shall pledge assets or furnish other security satisfactory in form and amount to the depositor, for the repayment of monies held in the name of such depositor, when required to be secured by applicable law, decree, or regulation.
Last Action
referred to banks
3/22/2024