Allows a bank to redeposit moneys through a deposit placement program, subject to approval by the comptroller and the commissioner of taxation and.

This bill amends the state finance law to allow a bank, with the approval of the comptroller and the commissioner of taxation and finance, to arrange for the redeposit of moneys, in whole or in part, through a deposit placement program. The participating bank must arrange for the redeposit of the moneys into deposit accounts with one or more banking institutions for the account of the state and serve as custodian for the state with respect to the moneys redeposited.

Allows a bank to redeposit moneys through a deposit placement program, subject to approval by the comptroller and the commissioner of taxation and.

This bill amends the state finance law to allow a bank, with the approval of the comptroller and the commissioner of taxation and finance, to arrange for the redeposit of moneys, in whole or in part, through a deposit placement program. The participating bank must arrange for the redeposit of the moneys into deposit accounts with one or more banking institutions for the account of the state and serve as custodian for the state with respect to the moneys redeposited.