Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 11, 2010 |
held for consideration in higher education |
Jan 06, 2010 |
referred to higher education |
Feb 20, 2009 |
referred to higher education |
Assembly Bill A5795
2009-2010 Legislative Session
Sponsored By
HAYES
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
James Tedisco
Gary Finch
Michael J. Fitzpatrick
Stephen Hawley
multi-Sponsors
Thomas Alfano
James Bacalles
William A. Barclay
Robert Barra
2009-A5795 (ACTIVE) - Details
2009-A5795 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5795 2009-2010 Regular Sessions I N A S S E M B L Y February 20, 2009 ___________ Introduced by M. of A. HAYES, TEDISCO, FINCH, FITZPATRICK, HAWLEY, RABBITT, WALKER -- Multi-Sponsored by -- M. of A. ALFANO, BACALLES, BARCLAY, BARRA, BURLING, BUTLER, CALHOUN, CONTE, CROUCH, DUPREY, ERRI- GO, GIGLIO, KOLB, McDONOUGH, MILLER, MOLINARO, OAKS, O'MARA, QUINN, RAIA, REILICH, SALADINO, SAYWARD, SCOZZAFAVA, THIELE, TOWNSEND -- read once and referred to the Committee on Higher Education AN ACT to amend the education law, in relation to mandating more than one manager to administer the college choice savings program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 2, 3, 4 and 5 of section 695-d of the educa- tion law, subdivisions 2 and 5 as added by chapter 546 of the laws of 1997 and subdivisions 3 and 4 as amended by chapter 535 of the laws of 2000, are amended to read as follows: 2. The comptroller may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organiza- tions submitting proposals shall describe the investment instrument which will be held in accounts. The comptroller shall select AT LEAST TWO FINANCIAL ORGANIZATIONS as program depositories and managers [the financial organization], from among the bidding financial organizations that demonstrates [the most] AN advantageous combination, both to poten- tial program participants and this state, of the following factors: a. Financial stability and integrity of the financial organization; b. The safety of the investment instrument being offered; c. The ability of the investment instrument to track increasing costs of higher education; d. The ability of the financial organization to satisfy recordkeeping and reporting requirements; e. The financial organization's plan for promoting the program and the investment it is willing to make to promote the program; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06842-01-9
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