NY State Senate Bill 2013-S6479

Senate Bill S6479

2013-2014 Legislative Session

Provides that moneys received by the state from the settlement or compromise of, or judgment on a claim shall be paid to the state comptroller for deposit into the general fund

download bill text pdf

Archive: Last Bill Status - In Senate Committee Finance 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 29, 2014	referred to finance

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2013-S6479 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Add §10-a, St Fin L
Versions Introduced in 2015-2016 Legislative Session:: S3832

2013-S6479 (ACTIVE) - Summary

Provides that moneys received by the state from the settlement or compromise of, or judgment on a claim shall be paid to the state comptroller for deposit into the general fund.

2013-S6479 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S6479

TITLE OF BILL:  An act to amend the state finance law, in relation to
the disposition and deposit of moneys received by the state from the
settlement or compromise of a claim or from a judgment arising from a
claim

PURPOSE: Provides that moneys received by the State from the
settlement or compromise of a claim, or by judgment, shall be paid to
the state comptroller for deposit into the general fund.

SUMMARY OF PROVISIONS: Section 1 of the bill amends the state finance
law by adding a new section 10-a.

JUSTIFICATION: This bill would require that all moneys received from a
settlement, judgment or compromise as a result of a claim or cause
brought by the State of New York or any State agency shall be
transferred and paid to the State Comptroller and the Comptroller
shall deposit such funds into the State General Fund.

The Governor and the Attorney General recently announced an agreement
to split the first installment of 5163 million of New York State's
$613 million settlement over mortgage bond sales that contributed to
the 2008 financial crisis by JP Morgan Chase. However, any such
recovery should rightly belong to The People of the State of New
York", as the plaintiffs on whose behalf our State Attorney General

prosecuted the matter, as our agent, and should therefore have been
deposited into the General Fund for public use and not appropriated in
a political fashion.

Unchecked control of such extraordinary sums of the money of the
people of our State, would give that office power far in excess of
what could possibly have been contemplated by "the people" under the
constitution or otherwise. The people of this State are represented by
their legislature and this measure would better serve the public by
requiring legislative involvement and vote in directing the proper use
of any such funds, rather than being directed by a single office or
individual whose purpose and qualifications are not aligned with such
functions.

This bill would provide oversight of financial recoveries to make sure
that such funds are appropriated with approval of the Senate and
Assembly pursuant to the State Constitution.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: Recovered funds would be deposited in the General
Fund.

EFFECTIVE DATE: This act shall take effect immediately.

2013-S6479 (ACTIVE) - Bill Text download pdf

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

                                  6479

                            I N  S E N A T E

                            January 29, 2014
                               ___________

Introduced  by Sens. LANZA, MARTINS, BONACIC, FARLEY, LARKIN, MARCHIONE,
  MAZIARZ, RANZENHOFER -- read  twice  and  ordered  printed,  and  when
  printed to be committed to the Committee on Finance

AN  ACT  to  amend the state finance law, in relation to the disposition
  and deposit of moneys received by the state  from  the  settlement  or
  compromise of a claim or from a judgment arising from a claim

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

  Section 1. The state finance law is amended by adding  a  new  section
10-a to read as follows:
  S  10-A. DISPOSITION AND DEPOSIT OF MONEYS RECEIVED FROM SETTLEMENT OR
COMPROMISE OF CLAIMS.  NOTWITHSTANDING  ANY  PROVISION  OF  LAW  TO  THE
CONTRARY, ALL MONEYS RECEIVED AS THE RESULT OF THE SETTLEMENT OR COMPRO-
MISE  OF, OR FROM ANY JUDGMENT ARISING FROM ANY CLAIM OR CAUSE OF ACTION
BROUGHT BY THE STATE OR ANY AGENCY THEREOF,  SHALL  BE  TRANSFERRED  AND
PAID  TO  THE  STATE  COMPTROLLER, AND THE COMPTROLLER SHALL DEPOSIT ALL
SUCH MONEYS INTO THE GENERAL FUND, AS ESTABLISHED BY SECTION SEVENTY-TWO
OF THIS CHAPTER.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13684-02-4

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