Establishes the savings bank, savings and loan association or credit union municipal deposit program.
Summary
Bill A01605 proposes amendments to the general municipal law and banking law of New York to establish a municipal deposit program for local governments, allowing them to deposit public funds in savings banks, savings and loan associations, and credit unions. The bill specifically limits the amount of public funds that can be deposited in these institutions to $250,000. It also outlines the responsibilities of local government governing boards in designating financial institutions for public deposits and the conditions under which these deposits can be made and secured.
Impact
If enacted, this bill will modify existing laws regarding how local governments can manage public funds, particularly in terms of where these funds can be deposited and the maximum amount allowed in each institution. The bill aims to enhance the security of public funds by ensuring that deposits are insured and that local governments have clear guidelines for managing their financial relationships with banks and credit unions.
Sentiment
The sentiment surrounding Bill A01605 appears to be neutral, as there have been no recorded votes or significant committee discussions available to indicate strong support or opposition. The bill seems to be a technical adjustment to existing laws rather than a controversial piece of legislation.
Contention
There are no notable points of contention reported regarding this bill, as it has not yet been debated in committee or voted on. The lack of discussion suggests that it may not have sparked significant disagreement among legislators.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Allows credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations.
Establishes the New York state energy savings program authorizing the establishment of energy savings accounts; establishes a personal income tax deduction for deposits into such accounts.
Establishing the Kansas employee emergency savings account (KEESA) program to allow eligible employers to establish employee savings accounts, providing an income and privilege tax credit for certain eligible employer deposits to such employee savings accounts and providing a subtraction modification for certain employee deposits to such savings accounts.
Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union accepting deposits of public money is subject to certain limitations and shall pledge assets or furnish other security satisfactory in form and amount to the depositor, for the repayment of monies held in the name of such depositor, when required to be secured by applicable law, decree, or regulation.