- Summary
- Actions
- Committee Votes
- Floor Votes
- Memo
- Text
- LFIN
- Chamber Video/Transcript
A04925 Summary:
BILL NO | A04925 |
  | |
SAME AS | SAME AS S06827 |
  | |
SPONSOR | Hunter |
  | |
COSPNSR | Stern, Lavine, Seawright, Magnarelli, Simon, Dickens, Anderson, Burdick, Taylor, Sillitti, Jackson, Weprin |
  | |
MLTSPNSR | |
  | |
Amd 7425, 7419 & 7409, Ins L | |
  | |
Relates to certain voidable transfers affecting a federal home loan bank including injunctions and the conduct of delinquency proceedings against insurers domiciled in this state. |
A04925 Actions:
BILL NO | A04925 | |||||||||||||||||||||||||||||||||||||||||||||||||
  | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/27/2023 | referred to insurance | |||||||||||||||||||||||||||||||||||||||||||||||||
05/24/2023 | reported referred to rules | |||||||||||||||||||||||||||||||||||||||||||||||||
05/30/2023 | reported | |||||||||||||||||||||||||||||||||||||||||||||||||
05/30/2023 | rules report cal.345 | |||||||||||||||||||||||||||||||||||||||||||||||||
05/30/2023 | ordered to third reading rules cal.345 | |||||||||||||||||||||||||||||||||||||||||||||||||
05/30/2023 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
05/30/2023 | delivered to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
05/30/2023 | REFERRED TO INSURANCE | |||||||||||||||||||||||||||||||||||||||||||||||||
06/09/2023 | SUBSTITUTED FOR S6827 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/09/2023 | 3RD READING CAL.1189 | |||||||||||||||||||||||||||||||||||||||||||||||||
06/10/2023 | SUBSTITUTION RECONSIDERED | |||||||||||||||||||||||||||||||||||||||||||||||||
06/10/2023 | COMMITTED TO RULES | |||||||||||||||||||||||||||||||||||||||||||||||||
01/03/2024 | DIED IN SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
01/03/2024 | RETURNED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
01/03/2024 | ordered to third reading cal.137 | |||||||||||||||||||||||||||||||||||||||||||||||||
03/05/2024 | passed assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
03/05/2024 | delivered to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
03/05/2024 | REFERRED TO INSURANCE |
A04925 Committee Votes:
Weprin | Aye | Blankenbush | Aye | ||||||
Cook | Aye | Hawley | Absent | ||||||
Pretlow | Aye | Palmesano | Aye | ||||||
Lavine | Aye | Gandolfo | Aye | ||||||
Steck | Aye | Curran | Aye | ||||||
Dilan | Aye | Jensen | Aye | ||||||
Hunter | Aye | Blumencranz | Aye | ||||||
Rosenthal | Aye | Bendett | Aye | ||||||
Stern | Aye | ||||||||
Jacobson | Aye | ||||||||
Meeks | Absent | ||||||||
Forrest | Aye | ||||||||
Anderson | Aye | ||||||||
Cruz | Aye | ||||||||
Bores | Aye | ||||||||
Lunsford | Aye | ||||||||
Heastie | Excused | Barclay | Aye | ||||||
Weinstein | Aye | Hawley | Aye | ||||||
Pretlow | Aye | Giglio | Aye | ||||||
Cook | Aye | Blankenbush | Aye | ||||||
Glick | Aye | Norris | Aye | ||||||
Aubry | Aye | Ra | Aye | ||||||
Dinowitz | Aye | Brabenec | Aye | ||||||
Colton | Aye | Palmesano | Aye | ||||||
Magnarelli | Aye | Reilly | Aye | ||||||
Paulin | Aye | ||||||||
Peoples-Stokes | Aye | ||||||||
Benedetto | Aye | ||||||||
Lavine | Aye | ||||||||
Lupardo | Aye | ||||||||
Zebrowski | Aye | ||||||||
Thiele | Aye | ||||||||
Braunstein | Aye | ||||||||
Dickens | Aye | ||||||||
Davila | Aye | ||||||||
Hyndman | Aye | ||||||||
Rozic | Excused | ||||||||
Bronson | Aye | ||||||||
Go to top
A04925 Floor Votes:
Yes
Alvarez
Yes
Carroll
Yes
Flood
Yes
Kim
Yes
Palmesano
Yes
Simpson
Yes
Anderson
Yes
Chandler-Waterm
Yes
Forrest
Yes
Lavine
Yes
Paulin
Yes
Slater
Yes
Angelino
Yes
Chang
Yes
Friend
Yes
Lee
Yes
Peoples-Stokes
Yes
Smith
Yes
Ardila
Yes
Clark
Yes
Gallagher
Yes
Lemondes
Yes
Pheffer Amato
Yes
Smullen
Yes
Aubry
Yes
Colton
Yes
Gallahan
ER
Levenberg
Yes
Pirozzolo
Yes
Solages
Yes
Barclay
ER
Conrad
Yes
Gandolfo
Yes ‡
Lucas
Yes
Pretlow
Yes
Steck
Yes
Barrett
Yes
Cook
Yes
Gibbs
Yes
Lunsford
Yes
Ra
Yes
Stern
Yes
Beephan
Yes
Cruz
Yes
Giglio JA
Yes
Lupardo
Yes
Raga
Yes
Stirpe
Yes
Bendett
Yes
Cunningham
Yes
Giglio JM
Yes
Magnarelli
Yes
Rajkumar
Yes
Tague
Yes
Benedetto
Yes
Curran
Yes
Glick
Yes
Maher
Yes
Ramos
Yes
Tannousis
Yes
Bichotte Hermel
Yes
Darling
Yes
Gonzalez-Rojas
Yes
Mamdani
Yes
Reilly
Yes
Tapia
Yes
Blankenbush
Yes
Davila
Yes
Goodell
Yes
Manktelow
Yes
Reyes
Yes
Taylor
Yes
Blumencranz
Yes
De Los Santos
Yes
Gray
Yes
McDonald
Yes
Rivera
Yes
Thiele
Yes
Bores
Yes
DeStefano
Yes
Gunther
Yes ‡
McDonough
Yes
Rosenthal D
ER
Vanel
Yes
Brabenec
Yes
Dickens
Yes
Hawley
Yes
McGowan
Yes
Rosenthal L
Yes ‡
Walker
Yes
Braunstein
Yes
Dilan
Yes
Hevesi
Yes
McMahon
Yes
Rozic
Yes
Wallace
Yes
Bronson
Yes
Dinowitz
Yes
Hunter
Yes
Meeks
Yes
Santabarbara
Yes
Walsh
Yes
Brook-Krasny
Yes
DiPietro
Yes
Hyndman
Yes
Mikulin
Yes
Sayegh
Yes
Weinstein
Yes
Brown E
Yes
Durso
Yes
Jackson
Yes
Miller
Yes
Seawright
Yes
Weprin
Yes
Brown K
Yes
Eachus
Yes
Jacobson
Yes
Mitaynes
Yes
Septimo
Yes
Williams
Yes
Burdick
Yes
Eichenstein
Yes
Jean-Pierre
Yes
Morinello
Yes
Shimsky
Yes
Woerner
Yes
Burgos
Yes
Epstein
Yes
Jensen
Yes
Norris
Yes
Shrestha
Yes
Zaccaro
Yes
Burke
Yes
Fahy
Yes
Jones
Yes
Novakhov
Yes
Sillitti
Yes
Zebrowski
Yes ‡
Buttenschon
ER
Fall
Yes
Joyner
ER
O'Donnell
Yes
Simon
Yes
Zinerman
Yes
Byrnes
Yes
Fitzpatrick
Yes
Kelles
Yes
Otis
Yes
Simone
Yes
Mr. Speaker
‡ Indicates voting via videoconference
Yes
Alvarez
Yes
Byrnes
Yes
Fall
Yes
Kelles
Yes
Otis
Yes
Simpson
Yes
Anderson
Yes
Carroll
Yes
Fitzpatrick
Yes
Kim
Yes
Palmesano
Yes
Slater
Yes
Angelino
Yes
Chandler-Waterm
Yes
Flood
Yes
Lavine
Yes
Paulin
Yes
Smith
Yes
Ardila
Yes
Chang
Yes
Forrest
Yes
Lee
ER
Peoples-Stokes
ER
Smullen
Yes
Aubry
Yes
Clark
Yes
Friend
Yes
Lemondes
Yes
Pheffer Amato
Yes
Solages
Yes
Barclay
Yes
Colton
ER
Gallagher
Yes
Levenberg
Yes
Pirozzolo
Yes
Steck
Yes
Barrett
Yes
Conrad
Yes
Gallahan
Yes ‡
Lucas
Yes
Pretlow
Yes
Stern
Yes
Beephan
Yes
Cook
Yes
Gandolfo
Yes
Lunsford
Yes
Ra
Yes
Stirpe
Yes
Bendett
Yes
Cruz
Yes
Gibbs
Yes
Lupardo
Yes
Raga
Yes
Tague
Yes
Benedetto
Yes
Cunningham
Yes
Giglio JA
Yes
Magnarelli
Yes
Rajkumar
Yes
Tannousis
Yes
Berger
Yes
Curran
Yes
Giglio JM
Yes
Maher
Yes
Ramos
Yes
Tapia
Yes
Bichotte Hermel
Yes
Dais
Yes
Glick
Yes
Mamdani
Yes
Reilly
Yes
Taylor
Yes
Blankenbush
Yes
Darling
Yes
Gonzalez-Rojas
Yes
Manktelow
Yes
Reyes
Yes
Thiele
Yes
Blumencranz
Yes
Davila
Yes
Goodell
Yes
McDonald
Yes
Rivera
Yes
Vanel
Yes
Bores
Yes
De Los Santos
Yes
Gray
Yes ‡
McDonough
Yes
Rosenthal
Yes
Walker
Yes
Brabenec
Yes
DeStefano
Yes
Gunther
Yes
McGowan
Yes
Rozic
Yes
Wallace
Yes
Braunstein
Yes ‡
Dickens
Yes
Hawley
Yes
McMahon
Yes
Santabarbara
Yes
Walsh
Yes
Bronson
Yes
Dilan
Yes
Hevesi
Yes
Meeks
Yes
Sayegh
Yes
Weinstein
Yes
Brook-Krasny
Yes
Dinowitz
Yes
Hunter
Yes
Mikulin
Yes
Seawright
Yes
Weprin
Yes
Brown EA
Yes
DiPietro
Yes
Hyndman
Yes
Miller
Yes
Septimo
Yes
Williams
Yes
Brown K
Yes
Durso
Yes
Jackson
Yes
Mitaynes
Yes
Shimsky
Yes
Woerner
Yes
Burdick
Yes
Eachus
Yes
Jacobson
Yes
Morinello
Yes
Shrestha
Yes
Zaccaro
Yes
Burgos
ER
Eichenstein
Yes
Jean-Pierre
Yes
Norris
ER
Sillitti
Yes
Zebrowski
Yes ‡
Burke
Yes
Epstein
Yes
Jensen
Yes
Novakhov
Yes
Simon
Yes
Zinerman
Yes
Buttenschon
Yes
Fahy
Yes
Jones
Yes
O'Donnell
Yes
Simone
Yes
Mr. Speaker
‡ Indicates voting via videoconference
A04925 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 4925 2023-2024 Regular Sessions IN ASSEMBLY February 27, 2023 ___________ Introduced by M. of A. HUNTER, STERN, LAVINE, SEAWRIGHT, MAGNARELLI, SIMON, DICKENS, ANDERSON, BURDICK, TAYLOR, SILLITTI, JACKSON -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to certain voidable transfers affecting a federal home loan bank The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 7425 of the insurance law is amended by adding a 2 new subsection (e) to read as follows: 3 (e) (1) Notwithstanding subsection (a) of this section or any other 4 provision of this article to the contrary, (i) a receiver shall not void 5 a transfer of money or other property arising under or in connection 6 with a federal home loan bank security agreement that is made before the 7 commencement of a formal proceeding under this article in the ordinary 8 course of business and in compliance with the security agreement unless 9 such transfer was made with actual intent to hinder, delay or defraud 10 the insurer-member, a receiver appointed for the insurer-member or 11 existing or future creditors; and (ii) a receiver shall not void a 12 redemption or repurchase of any stock or equity securities which was 13 made by the federal home loan bank within four months of a formal 14 commencement of the delinquency proceedings or which received prior 15 approval of the receiver. 16 (2) Following the appointment of a receiver for an insurer-member and 17 upon request of the receiver, the federal home loan bank shall, within 18 ten days of such request, provide a process and establish timing for all 19 of the following: 20 (i) the release of collateral that exceeds the lending value, as 21 determined in accordance with the federal home loan bank security agree- 22 ment, required to support secured obligations remaining after any repay- 23 ment of advances; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06810-01-3A. 4925 2 1 (ii) the release of any collateral remaining in the federal home loan 2 bank's possession following repayment in full of all outstanding secured 3 obligations; 4 (iii) the payment of fees and the operation of deposits and other 5 accounts with the federal home loan bank; and 6 (iv) the possible redemption or repurchase of federal home loan bank 7 stock or excess stock of any class that an insurer-member is required to 8 own. 9 (3) Upon the request of the receiver for an insurer-member, the feder- 10 al home loan bank shall provide any available options that are accepta- 11 ble to the federal home loan bank for such insurer-member to renew or 12 restructure an advance to defer associated prepayment fees, to the 13 extent that market conditions, the terms of the advance outstanding to 14 the insurer-member, the applicable policies of the federal home loan 15 bank and compliance with the federal home loan bank act and correspond- 16 ing regulations permit. 17 (4) Nothing in this subsection shall affect the federal home loan 18 bank's rights pursuant to 12 CFR 1266.4, which relates to limitations on 19 access to advances. 20 § 2. Section 7419 of the insurance law is amended by adding a new 21 subsection (c) to read as follows: 22 (c) Notwithstanding subsections (a) and (b) of this section and any 23 other provision of this article, a federal home loan bank shall not be 24 stayed, enjoined, or prohibited from exercising any right or enforcing 25 any obligation under a federal home loan bank security agreement relat- 26 ing to collateral pledged by an insurer-member to such federal home loan 27 bank. 28 § 3. Section 7409 of the insurance law is amended by adding a new 29 subsection (d) to read as follows: 30 (d) Notwithstanding subsections (a), (b) and (c) of this section, or 31 any other provision of this article, the receiver shall not disavow, 32 reject, or repudiate a federal home loan bank security agreement or any 33 pledge agreement, security agreement, collateral agreement, guarantee 34 agreement, or other similar arrangement or credit enhancement relating 35 to a security agreement to which a federal home loan bank is a party. 36 § 4. This act shall take effect immediately.