New York S 3962: Relates to the school district internal audit function

Bill Text

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S03962 Summary:

BILL NOS03962 

&nbsp

SAME ASSAME AS A03539

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SPONSORMARTINEZ

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COSPNSRRYAN C

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MLTSPNSR

&nbsp

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

&nbsp

Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union accepting deposits of public money is subject to certain limitations and shall pledge assets or furnish other security satisfactory in form and amount to the depositor, for the repayment of monies held in the name of such depositor, when required to be secured by applicable law, decree, or regulation.

Go to top S03962 Actions:

BILL NOS03962 

&nbsp

01/31/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS03962 Committee&nbspVotes:

Go to topS03962 Floor&nbspVotes:

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

Go to topS03962 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3962

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. MARTINEZ -- 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

 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.
 21 k. "Savings and loan association" shall mean a savings and loan asso-
 22 ciation as defined by subdivision eight of section two of the banking
 23 law or any federal savings and loan association.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06286-01-5

 S. 3962 2

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