New York S 3894: Relates to funds of the state

Bill Text

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S03894 Summary:

BILL NOS03894 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §2891, Pub Auth L

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Relates to funds of the state; prohibits certain public authorities, commissions or public benefit corporations from depositing moneys in certain banking institutions.

Go to top S03894 Actions:

BILL NOS03894 

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01/30/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

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Go to topS03894 Floor&nbspVotes:

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

Go to topS03894 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3894

 2025-2026 Regular Sessions

 IN SENATE

 January 30, 2025
 ___________

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

 AN ACT to amend the public authorities law, in relation to funds of the
 state

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

 1 Section 1. The public authorities law is amended by adding a new
 2 section 2891 to read as follows:
 3 § 2891. Deposits. Notwithstanding any other provisions of this chap-
 4 ter, no public authority, commission or public benefit corporation
 5 continued or created by this chapter shall deposit its moneys in a bank-
 6 ing institution to which the Community Reinvestment Act of 1977, United
 7 States P.L. 95-128, applies unless such institution has received a
 8 record of performance no lower than satisfactory as determined under
 9 such act in accordance with section twenty-eight-b of the banking law.
 10 § 2. This act shall take effect on the one hundred eightieth day after
 11 it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07572-01-5

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