Bill Text: NY S04262 | 2019-2020 | General Assembly | Introduced

Bill Title: Relates to funds of the state; prohibits certain public authorities, commissions or public benefit corporations from depositing moneys in certain banking institutions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-03-06 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S04262 Detail]

Download: New_York-2019-S04262-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                      March 5, 2019
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and Commissions
        AN  ACT to amend the public authorities law, in relation to funds of the
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  public  authorities  law  is amended by adding a new
     2  section 2891 to read as follows:
     3    § 2891. Deposits. Notwithstanding any other provisions of  this  chap-
     4  ter,  no  public  authority,  commission  or  public benefit corporation
     5  continued or created by this chapter shall deposit its moneys in a bank-
     6  ing institution to which the Community Reinvestment Act of 1977,  United
     7  States  P.L.  95-128,  applies  unless  such  institution has received a
     8  record of performance no lower than  satisfactory  as  determined  under
     9  such act in accordance with section twenty-eight-b of the banking law.
    10    § 2. This act shall take effect on the one hundred eightieth day after
    11  it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.