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NY A03539
Bill
Status
1/28/2025
Primary Sponsor
Dana Levenberg
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AI Summary
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Expands the definition of "public deposits" to include deposits in savings banks, savings and loan associations, and credit unions, in addition to traditional banks and trust companies
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Authorizes local government governing boards to designate savings banks, savings and loan associations, and credit unions as depositories for public funds alongside banks and trust companies
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Requires deposits exceeding federal deposit insurance limits to be secured, with coverage extended to include both FDIC and National Credit Union Share Insurance Fund protections
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Allows local governments to temporarily invest funds in special time deposit accounts, certificates of deposit, or share certificates issued by credit unions, savings banks, and savings and loan associations
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Requires credit unions accepting public deposits to pledge assets or furnish other security satisfactory to the depositor for repayment of funds when required by applicable 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
1/7/2026