New York S 6050: Establishes the savings bank, savings and loan association or credit union municipal deposit program

Bill Text

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S06050 Summary:

BILL NOS06050 

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SAME ASSAME AS A01605

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Amd §§10 & 11, Gen Muni L; add §454-a, Bank L

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Establishes the savings bank, savings and loan association or credit union municipal deposit program.

Go to top S06050 Actions:

BILL NOS06050 

&nbsp

03/05/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS06050 Committee&nbspVotes:

Go to topS06050 Floor&nbspVotes:

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

Go to topS06050 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6050

 2025-2026 Regular Sessions

 IN SENATE

 March 5, 2025
 ___________

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

 AN ACT to amend the general municipal law and the banking law, in
 relation to the establishment of a savings bank, savings and loan
 association or credit union municipal deposit program, and limiting
 deposits of public funds in such institutions to two hundred fifty
 thousand dollars

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

 1 Section 1. Paragraph c of subdivision 1 of section 10 of the general
 2 municipal law, as amended by chapter 623 of the laws of 1998, is amended
 3 to read as follows:
 4 c. "Public deposits" shall mean deposits of public funds in a bank,
 5 savings bank, savings and loan association, credit union, or trust
 6 company which are available for all uses generally permitted by the
 7 bank, savings bank, savings and loan association, credit union, or trust
 8 company to the depositing local government for actually and finally
 9 collected funds under the bank's, savings bank's, savings and loan asso-
 10 ciation's, credit union's, or trust company's account agreement or poli-
 11 cies.
 12 § 2. Paragraphs f, g and h of subdivision 1 of section 10 of the
 13 general municipal law are relettered paragraphs g, h and i and three new
 14 paragraphs f, j and k are added to read as follows:
 15 f. "Credit union" shall mean a state-chartered credit union as defined
 16 by subdivision nine of section two of the banking law or a federally-
 17 chartered credit union as defined by the federal credit union act,
 18 located and authorized to do business in New York.
 19 j. "Savings bank" shall mean a savings bank as defined by subdivision
 20 four of section two of the banking law or any federal savings bank.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03400-01-5

 S. 6050 2

 1 k. "Savings and loan association" shall mean a savings and loan asso-
 2 ciation as defined by subdivision eight of section two of the banking
 3 law or any federal savings and loan association.
 4 § 3. Subdivisions 2 and 4 of section 10 of the general municipal law,
 5 as amended by chapter 623 of the laws of 1998, paragraph a of subdivi-
 6 sion 2 as amended by chapter 128 of the laws of 2012 and paragraph c of
 7 subdivision 2 and paragraph (e) of subdivision 4 as further amended by
 8 section 104 of part A of chapter 62 of the laws of 2011, are amended to
 9 read as follows:
 10 2. a. (i) The governing board of every local government shall desig-
 11 nate one or more banks, savings banks, savings and loan associations,
 12 credit unions or trust companies for the deposit of public funds, the
 13 disposition of which is not otherwise provided for by law, received by
 14 the chief fiscal officer or any other officer authorized by law to make
 15 deposits. Such designation shall be by resolution of the governing board
 16 or, in the case of a city, such other body as may be authorized or
 17 required by law to designate depositaries. Such resolution shall specify
 18 the maximum amount which may be kept on deposit at any time in each such
 19 bank, savings bank, savings and loan association, credit union or trust
 20 company. Such designations and amounts may be changed at any time by
 21 further resolution.
 22 (ii) The governing board of a local government that has designated one
 23 or more banks or trust companies for the deposit of public funds pursu-
 24 ant to subparagraph (i) of this paragraph may, in its d