Bill Text: NY S02041 | 2023-2024 | General Assembly | Introduced


Bill Title: Establishes a limitation on financial services assessments and appropriation suballocations; requires that money obtained from assessments shall only be used to defray operating expenses of the department of financial services.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BANKS [S02041 Detail]

Download: New_York-2023-S02041-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          2041

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 18, 2023
                                       ___________

        Introduced  by  Sen. TEDISCO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks

        AN ACT to amend the financial services law, in relation to a  limitation
          on financial services assessments and appropriation suballocations

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The financial services law  is  amended  by  adding  a  new
     2  section 208 to read as follows:
     3    §  208. Limitation on financial services assessments and appropriation
     4  suballocations. Notwithstanding any other law,  money  obtained  by  the
     5  department  from  assessments  on  banking  and  insurance organizations
     6  pursuant to section two hundred six of this article shall  not  be  used
     7  for  any  purpose other than to defray operating expenses, including all
     8  direct and indirect costs,  of  the  department.  Special  revenue-other
     9  funds  appropriation  suballocations to other agencies for non-insurance
    10  or banking programs and operations shall not be made out of  the  amount
    11  appropriated  to  the  department pursuant to section twenty-four of the
    12  state finance law.
    13    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06472-01-3
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