NY A00164 | 2021-2022 | General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on April 6 2021 - 100% progression
Action: 2021-04-06 - signed chap.94
Text: Latest bill text (Amended) [HTML]
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on April 6 2021 - 100% progression
Action: 2021-04-06 - signed chap.94
Text: Latest bill text (Amended) [HTML]
Summary
Enacts provisions relating to the discontinuance of LIBOR (the London interbank offered rate); prohibits parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement; establishes that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR; provides a safe harbor from litigation for the use of the recommended benchmark replacement.
Title
Enacts provisions relating to the discontinuance of LIBOR (the London interbank offered rate); prohibits parties from refusing to perform contractual obligations or declaring a breach of contract as a result of the discontinuance of LIBOR or the use of a replacement; establishes that the replacement is a commercially reasonable substitute for and a commercially substantial equivalent to LIBOR; provides a safe harbor from litigation for the use of the recommended benchmark replacement.
Sponsors
Roll Calls
2021-03-24 - Assembly - Assembly Floor Vote - Final Passage (Y: 149 N: 0 NV: 0 Abs: 1) [PASS]
2021-03-24 - Senate - Senate Floor Vote - Final Passage (Y: 62 N: 1 NV: 0 Abs: 0) [PASS]
2021-03-24 - Assembly - Assembly Rules Committee: Favorable (Y: 28 N: 0 NV: 0 Abs: 3) [PASS]
2021-03-24 - Assembly - Assembly Judiciary Committee: Favorable refer to committee Rules (Y: 21 N: 0 NV: 0 Abs: 0) [PASS]
2021-03-24 - Senate - Senate Floor Vote - Final Passage (Y: 62 N: 1 NV: 0 Abs: 0) [PASS]
2021-03-24 - Assembly - Assembly Rules Committee: Favorable (Y: 28 N: 0 NV: 0 Abs: 3) [PASS]
2021-03-24 - Assembly - Assembly Judiciary Committee: Favorable refer to committee Rules (Y: 21 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2021-04-06 | Assembly | signed chap.94 |
| 2021-04-01 | Assembly | delivered to governor |
| 2021-03-24 | Senate | RETURNED TO ASSEMBLY |
| 2021-03-24 | Senate | PASSED SENATE |
| 2021-03-24 | Senate | 3RD READING CAL.523 |
| 2021-03-24 | Senate | SUBSTITUTED FOR S297B |
| 2021-03-24 | Senate | REFERRED TO JUDICIARY |
| 2021-03-24 | Assembly | delivered to senate |
| 2021-03-24 | Assembly | passed assembly |
| 2021-03-24 | Assembly | ordered to third reading rules cal.43 |
| 2021-03-24 | Assembly | rules report cal.43 |
| 2021-03-24 | Assembly | reported |
| 2021-03-24 | Assembly | reported referred to rules |
| 2021-03-11 | Assembly | print number 164b |
| 2021-03-11 | Assembly | amend and recommit to judiciary |
| 2021-03-09 | Assembly | print number 164a |
| 2021-03-09 | Assembly | amend (t) and recommit to judiciary |
| 2021-01-06 | Assembly | referred to judiciary |
Same As/Similar To
S00297 (Same As) 2021-03-24 - SUBSTITUTED BY A164B
