A5345
An act to amend the Banking Law — 2025-06-05 · Calendar #1171
The New York State Senate passed Assembly Bill 5345, sponsored by Assemblymember Hunter, to amend the Banking Law on a roll call vote of 55-5. The measure, designated Calendar Number 1171, takes effect January 1st. Sen. Martins, one of five senators voting against the bill, expressed concerns that the legislation would allow depositors to shield funds from creditors by depositing money in accounts for the benefit of others. Martins thanked the bill's sponsor and indicated he would seek to address his concerns if the measure returns to the floor. Senators Canzoneri-Fitzpatrick, O'Mara, Rhoads, and Weik also voted in opposition.
PASSED
Ayes: 55
· Nays: 5
Debate Summary
Sen. Martins expressed concerns about the bill's provisions regarding creditor protections, noting that deposited monies would not be subject to creditors and that depositors could shield assets from creditors by depositing funds for the benefit of others. Despite these reservations, Martins acknowledged the bill's intent to provide banking alternatives while indicating he would seek amendments if the measure returns to the floor.
Recorded Votes
Recorded votes are predominantly dissenting (nay) votes captured from roll call records.
| Senator | Vote | Party |
|---|---|---|
| Canzoneri-Fitzpatrick | nay | Republican |
| Martins | nay | Republican |
| O'Mara | nay | Republican |
| Rhoads | nay | Republican |
| Weik | nay | Republican |