New York A 8769: Relates to the eligibility of New York city transit authority employees for performance of duty disability retirement

Bill Text

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A08769 Summary:

BILL NOA08769B

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SAME ASNo Same As

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SPONSORTapia

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COSPNSR

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MLTSPNSR

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Add §103-a, Ec Dev L

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Enacts the "New York state credit risk transparency and investor protection act" requiring issuers of state-backed bonds to issue quarterly risk statements.

Go to top A08769 Actions:

BILL NOA08769B

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06/02/2025referred to economic development

08/13/2025amend and recommit to economic development

08/13/2025print number 8769a

01/07/2026referred to economic development

07/15/2026amend and recommit to economic development

07/15/2026print number 8769b

Go to topA08769 Committee&nbspVotes:

Go to topA08769 Floor&nbspVotes:

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

Go to topA08769 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8769--B

 2025-2026 Regular Sessions

 IN ASSEMBLY

 June 2, 2025
 ___________

 Introduced by M. of A. TAPIA -- read once and referred to the Committee
 on Economic Development -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee -- recommitted
 to the Committee on Economic Development in accordance with Assembly
 Rule 3, sec. 2 -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the economic development law, in relation to enacting
 "the New York state credit risk transparency and investor protection
 act"

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

 1 Section 1. This act shall be known and may be cited as the "New York
 2 state credit risk transparency and investor protection act".
 3 § 2. The economic development law is amended by adding a new section
 4 103-a to read as follows:
 5 § 103-a. State bond security. 1. For the purposes of this section,
 6 the following terms shall have the following meanings:
 7 (a) "credit risk decay" shall mean the natural reduction in the like-
 8 lihood of bond default over time, resulting from the bond's amorti-
 9 zation, improved issuer performance, or external economic factors that
 10 reduce default risk;
 11 (b) "material credit event" shall mean any event that significantly
 12 impacts the issuer's ability to meet its obligations, including but not
 13 limited to:
 14 (i) changes in federal funding, including but not limited to Medicaid
 15 cuts or infrastructure funding reductions;
 16 (ii) tariffs, trade policy changes, or other external economic factors
 17 that may alter the bond issuer's financial position; or
 18 (iii) any significant modification of legal obligations that affects a
 19 bond's performance;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13079-05-6

 A. 8769--B 2

 1 (c) "risk reconciliation statement" shall mean a quarterly report
 2 filed by an issuer of bonds, which provides an update on the bond's
 3 credit risk, including but not limited to:
 4 (i) changes in credit ratings;
 5 (ii) material credit events affecting bond performance; and
 6 (iii) yield-to-maturity drift and other relevant credit performance
 7 metrics;
 8 (d) "yield-to-maturity drift" or "YTM drift" shall mean the change in
 9 the yield of a bond over time due to shifts in the credit quality of the
 10 issuer, and the collateral or external credit factors, that impact such
 11 bond's risk profile and valuation;
 12 (e) "fixed point scale" shall mean a standardized method used to
 13 assess the bond's current performance by comparing its original credit
 14 risk rating to the bond's current risk profile, including, but not
 15 limited to, yield-to-maturity drift and credit rating shifts;
 16 (f) "investor right of action for value destruction" shall mean the
 17 legal right of an investor to seek damages if the bond issuer fails to
 18 disclose material credit events or if a bond's credit risk deteriorates
 19 without proper disclosure, resulting in financial harm to the investor;
 20 and
 21 (g) "material deviation" shall mean a significant change in a bond's
 22 creditworthiness that differs from the issuer's original projections or
 23 credit ratings, including, but not limited to, a drop in credit rating
 24 or significant change in mar