Requires the superintendent of financial services to examine the Green Bank at least once every calendar year; requires that a copy of such examination shall be furnished to NYSERDA, the state comptroller, the senate and the assembly.
STATE OF NEW YORK
________________________________________________________________________
4615
2023-2024 Regular Sessions
IN SENATE
February 13, 2023
___________
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.
LBD05518-01-3
