Excelsior Linked Deposit program, remote notarization bills move forward

New York state’s Assembly Ways and Means Committee (A-5459/S-191) today unanimously passed legislation that would authorize credit unions to participate in the Excelsior Linked Deposit Program. It could be put to the floor of the Assembly next week.

The passage is a direct reflection of New York Credit Union Association members and leaders working closely with the Legislature.

Also today, New York state’s Assembly Governmental Operations Committee passed the electronic remote notarization bill (SO1780) (AOO399), sending the bill to the Standing Committee on Rules. The Senate previously passed the bill on March 24.

Credit unions across the state have been utilizing remote electronic notarization services as a result of a March 2020 executive order and subsequent extensions that temporarily authorized this technology. In early May, the Association issued an urgent call to action on legislation that would make electronic remote notarization a permanent part of New York State law.

The Association continues to call for both bills’ passage and leadership is tracking the bills and will provide updates as they become available.

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