Relates to funds of the state; prohibits certain public authorities, commissions or public benefit corporations from depositing moneys in certain banking institutions.
STATE OF NEW YORK
________________________________________________________________________
3894
2025-2026 Regular Sessions
IN SENATE
January 30, 2025
___________
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
state
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.
LBD07572-01-5
