NY State Senate Bill 2015-S3832

Senate Bill S3832

2015-2016 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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2016	referred to finance
Feb 20, 2015	referred to finance

2015-S3832 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Add §10-a, St Fin L
Versions Introduced in 2013-2014 Legislative Session:: S6479

2015-S3832 (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.

2015-S3832 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3832

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:

2014: Referred to Finance

FISCAL IMPLICATIONS:


Recovered funds would be deposited in the General Fund.

EFFECTIVE DATE:

This act shall take effect immediately.

2015-S3832 (ACTIVE) - Bill Text download pdf

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

                                  3832

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 20, 2015
                               ___________

Introduced  by  Sen.  LANZA  -- 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.
                                                           LBD01934-01-5

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