S08406 Summary:
| BILL NO | S08406 |
| SAME AS | No Same As |
| SPONSOR | SANDERS |
| COSPNSR | |
| MLTSPNSR | |
| Amd §87, Bank L | |
| Relates to the community bank deposit program; increases the maximum amount of funds on deposit at a community banking institution to thirty million dollars. | |
S08406 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 8406 2025-2026 Regular Sessions IN SENATE June 9, 2025 ___________ Introduced by Sen. SANDERS -- (at request of the State Comptroller) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the banking law, in relation to the community bank deposit program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 2 of section 87 of the banking law, as amended 2 by chapter 495 of the laws of 2013, is amended to read as follows: 3 2. The maximum amount of funds which the state comptroller and the 4 commissioner of taxation and finance may deposit under this program 5 shall not exceed two hundred fifty million dollars each. The maximum 6 amount of funds on deposit at a community banking institution shall not 7 exceed [twenty] thirty million dollars. 8 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13338-01-5