S T A T E O F N E W Y O R K
________________________________________________________________________
195
2015-2016 Regular Sessions
I N S E N A T E
(PREFILED)
January 7, 2015
___________
Introduced by Sen. SQUADRON -- read twice and ordered printed, and when
printed to be committed to the Committee on Finance
AN ACT to amend the state finance law, in relation to the procurement of
banking services
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The state finance law is amended by adding a new section
2 163-c to read as follows:
3 S 163-C. PROCUREMENT OF BANKING SERVICES. IN MAKING AN AWARD OF
4 CONTRACTS FOR BANKING SERVICES, AS PART OF THE SCORING OF OFFERS, IN
5 ADDITION TO CONSIDERATION OF QUALITY, COST AND EFFICIENCY, A STATE AGEN-
6 CY SHALL CONSIDER WHETHER THE FINANCIAL INSTITUTION HAS CHOSEN TO COMPLY
7 WITH THE CAP ON THE RATE OF INTEREST AUTHORIZED IN SECTION 5-501 OF THE
8 GENERAL OBLIGATIONS LAW AND ESTABLISHED BY SUBDIVISION ONE OF SECTION
9 FOURTEEN-A OF THE BANKING LAW IN MAKING LOANS TO THE RESIDENTS OF THE
10 STATE. THE SCORING SHALL BE ACCOMPLISHED IN ACCORD WITH REGULATIONS
11 ADOPTED BY THE SUPERINTENDENT OF FINANCIAL SERVICES IN CONSULTATION WITH
12 THE STATE COMPTROLLER.
13 S 2. This act shall take effect on the one hundred twentieth day after
14 it shall have become a law provided, however, that effective immediately
15 the addition, amendment and/or repeal of any rule or regulation neces-
16 sary for the implementation of this act on its effective date are
17 authorized and directed to be made and completed by the department of
18 financial services on or before such effective date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00984-01-5