Bill Text: NY S05077 | 2019-2020 | General Assembly | Introduced

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Bill Title: Requires the superintendent of financial services to examine the Green Bank at least once every calendar year and requires that a copy of such examination shall be furnished to NYSERDA, the state comptroller, the senate and the assembly.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO ENERGY AND TELECOMMUNICATIONS [S05077 Detail]

Download: New_York-2019-S05077-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5077
                               2019-2020 Regular Sessions
                    IN SENATE
                                      April 8, 2019
                                       ___________
        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on  Energy  and  Telecommuni-
          cations
        AN  ACT to amend the public authorities law, in relation to the examina-
          tion of the Green Bank
          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 1859-a to read as follows:
     3    § 1859-a. Examination. At least once in each calendar year, the  Green
     4  Bank,  a  division of the New York state energy research and development
     5  authority, shall be examined by the superintendent of financial services
     6  for the purposes of determining such entity's net worth,  the  soundness
     7  of  its  management and operating policies and the rate of return on its
     8  loans and investments, and any losses on such loans and investments. The
     9  Green Bank shall not be deemed to be a banking  organization;  provided,
    10  however,  that the Green Bank shall be examined applying the same stand-
    11  ards as applicable to loans and investments by  financial  institutions.
    12  The  authority  shall  pay the cost of such examination.  Copies of each
    13  examination report, including the findings, conclusions and  recommenda-
    14  tions  of the examiners, shall be furnished to the New York state energy
    15  research and development  authority  and  to  the  comptroller  and  the
    16  respective  chairs  and  ranking  minority members of the senate finance
    17  committee and the assembly ways and means committee.
    18    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09587-02-9