Senate Bill S4305

2015-2016 Legislative Session

Authorizes state chartered banking institutions to pledge investment grade corporate bonds to secure state and municipal deposits

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S4305 (ACTIVE) - Details

See Assembly Version of this Bill:
A7096
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add ยง12-b, Bank L
Versions Introduced in 2017-2018 Legislative Session:
S2420, A2881

2015-S4305 (ACTIVE) - Summary

Authorizes state chartered banking institutions to pledge investment grade corporate bonds to secure state and municipal deposits; also authorizes the pledging of municipal bonds having a maturity of more than 5 years.

2015-S4305 (ACTIVE) - Sponsor Memo

2015-S4305 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4305

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 11, 2015
                               ___________

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

AN ACT to amend the banking law, in relation to deposits  of  state  and
  municipal funding in banking institutions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The banking law is amended by adding a new section 12-b  to
read as follows:
  S 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING
INSTITUTIONS. 1. NOTWITHSTANDING ANY PROVISION OF THE STATE FINANCE LAW,
THE LOCAL FINANCE LAW OR THIS CHAPTER TO THE CONTRARY, A STATE CHARTERED
BANKING  INSTITUTION  WHICH  HOLDS STATE FUNDS OR THE FUNDS OF ANY POLI-
TICAL SUBDIVISION THEREOF MAY ACCEPT AND PLEDGE INVESTMENT GRADE  CORPO-
RATE  BONDS,  TO  THE  EXTENT AUTHORIZED BY THE FEDERAL RESERVE BANK, AS
COLLATERAL FOR ANY DISCOUNT WINDOW BORROWING OF SUCH FUNDS.  FURTHERMORE
MUNICIPAL BONDS HAVING FIVE OR MORE YEARS OF MATURITY MAY BE PLEDGED  TO
SECURE SUCH DEPOSITS.
  S  2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06066-01-5


              

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