Relates to the maximum amount of funds which the state comptroller and the commissioner of taxation and finance may deposit and the maximum amount of funds on deposit at a community banking institution.
STATE OF NEW YORK
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4927--A
Cal. No. 798
2011-2012 Regular Sessions
IN SENATE
April 29, 2011
___________
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks -- recommitted to
the Committee on Banks in accordance with Senate Rule 6, sec. 8 --
reported favorably from said committee and committed to the Committee
on Finance -- reported favorably from said committee, ordered to first
and second report, ordered to a third reading, passed by Senate and
delivered to the Assembly, recalled, vote reconsidered, restored to
third reading, amended and ordered reprinted, retaining its place in
the order of third reading
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 274 of the laws of 2007, 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 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.
LBD11214-02-2
