New York S 2519: Establishes a limitation on financial services assessments and appropriation suballocations

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S02519 Summary:

BILL NOS02519 

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SAME ASNo Same As

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SPONSORTEDISCO

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COSPNSR

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MLTSPNSR

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Add §208, Fin Serv L

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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.

Go to top S02519 Actions:

BILL NOS02519 

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01/21/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS02519 Committee&nbspVotes:

Go to topS02519 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS02519 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2519

 2025-2026 Regular Sessions

 IN SENATE

 January 21, 2025
 ___________

 Introduced by Sen. TEDISCO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks

 AN ACT to amend the financial services law, in relation to a limitation
 on financial services assessments and appropriation suballocations

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The financial services law is amended by adding a new
 2 section 208 to read as follows:
 3 § 208. Limitation on financial services assessments and appropriation
 4 suballocations. Notwithstanding any other law, money obtained by the
 5 department from assessments on banking and insurance organizations
 6 pursuant to section two hundred six of this article shall not be used
 7 for any purpose other than to defray operating expenses, including all
 8 direct and indirect costs, of the department. Special revenue-other
 9 funds appropriation suballocations to other agencies for non-insurance
 10 or banking programs and operations shall not be made out of the amount
 11 appropriated to the department pursuant to section twenty-four of the
 12 state finance law.
 13 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05375-01-5

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