New York S 5347: Makes available information regarding the process for individuals to obtain eligibility for services offered by the office for people with developmental disabilities

Bill Text

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 Speaker Carl E. Heastie

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S05347 Summary:

BILL NOS05347A

&nbsp

SAME ASSAME AS A05600-A

&nbsp

SPONSORCOMRIE

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§7425, 7419 & 7409, Ins L

&nbsp

Relates to certain voidable transfers affecting a federal home loan bank including injunctions and the conduct of delinquency proceedings against insurers domiciled in this state.

Go to top S05347 Actions:

BILL NOS05347A

&nbsp

02/20/2025REFERRED TO INSURANCE

05/28/20251ST REPORT CAL.1449

05/29/20252ND REPORT CAL.

06/04/2025AMENDED 5347A

06/04/2025ADVANCED TO THIRD READING 

06/12/2025SUBSTITUTED BY A5600A

&nbspA05600 AMEND=A Hunter

&nbsp02/18/2025referred to insurance

&nbsp05/28/2025reported referred to rules

&nbsp05/30/2025amend and recommit to rules 5600a

&nbsp06/10/2025reported 

&nbsp06/10/2025rules report cal.565

&nbsp06/10/2025ordered to third reading rules cal.565

&nbsp06/10/2025passed assembly

&nbsp06/10/2025delivered to senate

&nbsp06/10/2025REFERRED TO RULES

&nbsp06/12/2025SUBSTITUTED FOR S5347A

&nbsp06/12/20253RD READING CAL.1449

&nbsp06/12/2025PASSED SENATE

&nbsp06/12/2025RETURNED TO ASSEMBLY

&nbsp09/22/2025delivered to governor

&nbsp09/26/2025signed chap.415

Go to topS05347 Committee&nbspVotes:

Go to topS05347 Floor&nbspVotes:

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

Go to topS05347 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5347--A
 Cal. No. 1449

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance -- reported
 favorably from said committee, ordered to first and second report,
 amended on second report, ordered to a third reading, and to be
 reprinted as amended, retaining its place in the order of third read-
 ing

 AN ACT to amend the insurance law, in relation to certain voidable
 transfers affecting a federal home loan bank

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

 1 Section 1. Section 7425 of the insurance law is amended by adding a
 2 new subsection (e) to read as follows:
 3 (e) (1) Notwithstanding subsection (a) of this section or any other
 4 provision of this article to the contrary, (i) a receiver shall not void
 5 a transfer of money or other property arising under or in connection
 6 with a federal home loan bank security agreement that is made before the
 7 commencement of a formal proceeding under this article in the ordinary
 8 course of business and in compliance with the security agreement unless
 9 such transfer was made with actual intent to hinder, delay or defraud
 10 the insurer-member, a receiver appointed for the insurer-member or
 11 existing or future creditors; and (ii) a receiver shall not void a
 12 redemption or repurchase of any stock or equity securities which was
 13 made by the federal home loan bank within four months of a formal
 14 commencement of the delinquency proceedings or which received prior
 15 approval of the receiver.
 16 (2) Following the appointment of a receiver for an insurer-member and
 17 upon request of the receiver, the federal home loan bank shall in good
 18 faith, within five days of such request, provide a process and establish
 19 timing for all of the following:
 20 (i) the release of collateral that exceeds the lending value, as
 21 determined in accordance with the federal home loan bank security agree-
 22 ment, required to support secured obligations remaining after any repay-
 23 ment of advances;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09494-03-5

 S. 5347--A 2

 1 (ii) the release of any collateral remaining in the federal home loan
 2 bank's possession following repayment in full of all outstanding secured
 3 obligations;
 4 (iii) the payment of fees and the operation of deposits and other
 5 accounts with the federal home loan bank; and
 6 (iv) the redemption or repurchase of federal home loan bank stock or
 7 excess stock of any class that an insurer-member is required to own
 8 consistent with federal law and regulations, the federal home loan
 9 bank's capital plan, and the capital