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New YorkA 56002025-2026 Regular SessionHouse

Relates to certain voidable transfers affecting a federal home loan bank

Sponsored By: Pamela J. Hunter (Democratic)

Signed by Governor

INSURANCERULES

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Banks must outline options for troubled insurers

After a receiver is appointed, a Federal Home Loan Bank must supply a process and schedule within 10 days of the receiver’s request. It must cover returning collateral above the lending value needed for remaining secured debts, and returning collateral after full repayment. It also covers fees, deposits, other accounts, and possible repurchase or redemption of required or excess bank stock. On request, the bank must provide available, bank-acceptable options to renew or restructure outstanding loans to defer prepayment fees. Options remain subject to market conditions, loan terms, bank policies, and federal law and regulations; fee relief is not guaranteed. The law leaves intact the bank’s rights under federal rules limiting access to these loans.

Stronger bank rights when insurers face receivership

Effective immediately, New York limits how receivers managing troubled insurers can undo Federal Home Loan Bank transactions. Protected transfers must occur before formal proceedings, follow the security agreement, and happen in the ordinary course of business. Protection excludes transfers made with actual intent to hinder, delay, or defraud the insurer, receiver, or current or future creditors. Bank stock or equity redemptions and repurchases are protected within four months after delinquency proceedings begin, or with prior receiver approval. The bank cannot be blocked from exercising rights or enforcing obligations under security agreements covering the insurer’s pledged collateral. Receivers cannot reject the bank’s security agreements or related pledge, collateral, guarantee, or similar credit-support arrangements.

Sponsors & Cosponsors

Sponsor

  • Pamela J. Hunter

    Democratic • House

Cosponsors

  • Al Taylor

    Democratic • House

  • Chantel Jackson

    Democratic • House

  • Chris Burdick

    Democratic • House

  • David Weprin

    Democratic • House

  • Jo Anne Simon

    Democratic • House

  • Khaleel Anderson

    Democratic • House

  • Rebecca Seawright

    Democratic • House

  • Sarah Clark

    Democratic • House

  • Steve Stern

    Democratic • House

  • William Magnarelli

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 205 • No: 1

Senate vote • 6/12/2025

FLOOR Vote

Yes: 58 • No: 1

House vote • 6/10/2025

Assembly floor vote

Yes: 147 • No: 0

Actions Timeline

  1. SIGNED CHAP.415

    9/26/2025House

  2. DELIVERED TO GOVERNOR

    9/22/2025House

  3. RETURNED TO ASSEMBLY

    6/12/2025Senate

  4. PASSED SENATE

    6/12/2025Senate

  5. 3RD READING CAL.1449

    6/12/2025Senate

  6. SUBSTITUTED FOR S5347A

    6/12/2025Senate

  7. REFERRED TO RULES

    6/10/2025Senate

  8. DELIVERED TO SENATE

    6/10/2025House

  9. PASSED ASSEMBLY

    6/10/2025House

  10. ORDERED TO THIRD READING RULES CAL.565

    6/10/2025House

  11. RULES REPORT CAL.565

    6/10/2025House

  12. REPORTED

    6/10/2025House

  13. AMEND AND RECOMMIT TO RULES 5600A

    5/30/2025House

  14. REPORTED REFERRED TO RULES

    5/28/2025House

  15. REFERRED TO INSURANCE

    2/18/2025House

Bill Text

  • Amendment A

    5/30/2025

    PDF

  • Original

    5/30/2025

    PDF

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