S 2519: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 2519 2025-2026 Regular Sessions  IN SENATE January 21, 2025 ___________ 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. LBD05375-01-5