Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 21, 2018 |
signed chap.424 |
Dec 12, 2018 |
delivered to governor |
Jun 12, 2018 |
returned to senate passed assembly ordered to third reading rules cal.92 substituted for a2881b |
Jun 11, 2018 |
referred to ways and means delivered to assembly passed senate |
May 15, 2018 |
advanced to third reading |
May 14, 2018 |
2nd report cal. |
May 09, 2018 |
1st report cal.1134 |
Jan 03, 2018 |
referred to banks returned to senate died in assembly |
Jun 13, 2017 |
referred to ways and means delivered to assembly passed senate |
Jun 05, 2017 |
amended on third reading (t) 2420b |
May 10, 2017 |
amended on third reading (t) 2420a |
Apr 24, 2017 |
advanced to third reading |
Apr 09, 2017 |
2nd report cal. |
Apr 04, 2017 |
1st report cal.531 |
Jan 13, 2017 |
referred to banks |
Senate Bill S2420B
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
2017-S2420 - Details
2017-S2420 - Sponsor Memo
BILL NUMBER: S2420 TITLE OF BILL : An act to amend the banking law, in relation to deposits of state and municipal funding in banking institutions PURPOSE : To authorize state chartered banking institutions to pledge investment grade corporate bonds to secure state and municipal deposits. SUMMARY OF PROVISIONS : Section 1. The banking law is amended by adding a new section 12-b which states a state chartered banking institution which holds state funds or the funds of any political subdivision thereof may accept and pledge investment grade corporate bonds, to the extend 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. JUSTIFICATION : The Federal Reserve considers investment grade corporate bonds to be acceptable collateral for Discount Window borrowings; New York State
2017-S2420 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2420 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ 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: § 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING INSTITUTIONS. 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. § 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. LBD01882-01-7
co-Sponsors
(R, C, IP) Senate District
2017-S2420A - Details
2017-S2420A - Sponsor Memo
BILL NUMBER: S2420A TITLE OF BILL : An act to amend the banking law, in relation to deposits of state and municipal funding in banking institutions; and to amend the general municipal law, in relation to eligible securities PURPOSE : To allow state chartered banking institutions to use domestic bonds that meet the definition of "investment grade" as collateral to secure New York State municipal deposits. SUMMARY OF PROVISIONS : Section 1 adds a new Section 12-b so as to allow state chartered banking institutions to pledge investment grade corporate bonds, to the extent authorized by the federal reserve bank, as collateral for any discount window borrowing of such funds. Additionally, municipal bonds having five or more years of maturity may be pledged to secure these deposits. Section 2 amends subparagraph (viii) of paragraph f of subdivision 1 of section 10 of the general municipal law by allow the use of the nationally recognized statistical rating organization of "investment grade."
2017-S2420A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2420--A Cal. No. 531 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sens. GRIFFO, RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the banking law, in relation to deposits of state and municipal funding in banking institutions; and to amend the general municipal law, in relation to eligible securities 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: § 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING INSTITUTIONS. 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. § 2. Subparagraph (viii) of paragraph f of subdivision 1 of section 10 of the general municipal law, as amended by chapter 623 of the laws of 1998, is amended to read as follows: (viii) Obligations of domestic corporations [rated in one of the two highest rating categories by at least one nationally recognized statis- tical rating organization] THAT MEET THE NATIONALLY RECOGNIZED STATIS- TICAL RATING ORGANIZATION OF "INVESTMENT GRADE" AT A MINIMUM. IF A SECU- RITY HAS MORE THAN ONE CREDIT RATING ASSIGNED, THE MOST CONSERVATIVE (LOWEST) RATING WILL BE UTILIZED. § 3. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law.
co-Sponsors
(R, C, IP) Senate District
2017-S2420B (ACTIVE) - Details
2017-S2420B (ACTIVE) - Sponsor Memo
BILL NUMBER: S2420B TITLE OF BILL : An act to amend the general municipal law, in relation to the definition of eligible securities in relation to obligations of domestic corporations PURPOSE : To allow state chartered banking institutions to use domestic bonds rated in one of the four highest rating categories by at least one nationally recognized statistical rating organization as collateral to secure New York State municipal deposits. SUMMARY OF PROVISIONS : Section one amends the general municipal law subparagraph viii of paragraph f of subdivision 1 of section 10 to provide that obligations of domestic corporations be rated in one of the four highest rating categories by at least one nationally recognized statistical rating organization. Section two provides the effective date. JUSTIFICATION : On June 3, 2015, the Federal Reserve updated their "Collateral
2017-S2420B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2420--B Cal. No. 531 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sens. GRIFFO, RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading -- again amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the general municipal law, in relation to the definition of eligible securities in relation to obligations of domestic corpo- rations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (viii) of paragraph f of subdivision 1 of section 10 of the general municipal law, as amended by chapter 623 of the laws of 1998, is amended to read as follows: (viii) Obligations of domestic corporations rated in one of the [two] FOUR highest rating categories by at least one nationally recognized statistical rating organization. § 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. LBD01882-05-7
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