What is Section 112 of the NYS Finance Law? (2024)

What is Section 112 of the NYS Finance Law?

In accordance with section 112 of the New York State Finance Law, any contract entered into “for” the State or a State agency must be approved by the New York State Comptroller and filed in his or her office where the contract exceeds $50,000. It has been determined that this is a contract “for” the State of New York.

What is the small purchase threshold in NY?

Generally, the small purchase threshold is $20,000. [NY General Municipal Law §103 (1)]. School Districts are encouraged to check local procurement policies and procedures to determine whether the local small purchase threshold is more restrictive than NY General Municipal Law.

What is Section 137 of the New York State Finance Law?

State Finance Law section 137 generally requires prime contractors to obtain a payment bond for public projects to protect subcontractors, sub-subcontractors and materialmen from non-payment by the prime contractor.

What is Section 41 of the New York State Finance Law?

No state officer, employee, board, department or commission shall contract indebtedness on behalf of the state, nor assume to bind the state, in an amount in excess of money appropriated or otherwise lawfully available.

What is Section 138 of the New York State Finance Law?

State Finance Law, Article 9, Section 138 states contracts cannot be assigned, transferred, conveyed, sublet or otherwise disposed of without the prior written consent of the contracting agency officials.

What is the threshold for small purchase procedures?

Small purchase procedures are designed to give PHAs needed flexibility needed to make purchases supporting day-to-day operations. Current threshold for small purchases: $250,000. Local and state procurement laws may have lower thresholds.

What is the procurement small purchase threshold?

Procurement by small purchase procedures is a relatively simple method for securing services, supplies, or property that does not exceed the federal SAT (currently $250,000) or the non-state entities' applicable state, local, or Tribal thresholds (whichever is lower).

What is Section 128 of the New York State Banking Law?

Every bank and every trust company shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for a period of at least six years from the date of making the same or from the date of the last entry thereon; provided, however, that preservation of photographic ...

What is Section 165 of the New York State Finance Law?

New York State Finance Law (“SFL”) § 165(4) empowers State agencies purchasing food products to require that some or all of the food products be grown, harvested, produced, or processed in New York State.

What is Section 200 New York Banking Law?

Section 200 of the Banking Law provides that no foreign banking corporation shall transact in New York the business of buying, selling, paying or collecting bills of exchange, or of issuing letters of credit or of receiving money for transmission or transmitting the same by draft, check, cable or otherwise, or of ...

What is Section 44 NY Banking Law?

(a) Without limiting any power granted to the superintendent under any other provision of this chapter, the superintendent may, in a proceeding after notice and hearing, require any banking organization, bank holding company 1 out-of-state state bank that maintains a branch or branches or representative or other ...

What is Section 14 a New York banking law?

Section 14-a of the New York State Banking Law provides that the maximum rate of interest shall be sixteen per centum per annum.

What is the NY state Finance Law 139 F?

The State Finance Law (SFL) §139-f(2) includes requirements for prompt payment of Subcontractors and Material Suppliers on public works contracts. For the purpose of this section, all of the additional participants in the contract are referred to as Subcontractors.

What is the NYS Finance Law 136 A?

It is the policy of New York state to negotiate contracts for architectural and/or engineering services and/or geological and/or surveying services on the basis of demonstrated competence and qualification for the type of professional services required and at fair and reasonable fees.

What is Section 335 of the New York Banking Law?

§335 of New York's Banking Law provides special remedies for instances when the rental of a safe deposit box is not paid or when the safe deposit box is not vacated upon termination of the lease.

What is NY Banking Law Section 108?

Section 108(4) gives broad personal loan authority to commercial banks. Under that section, banks may make both secured and unsecured loans at deregulated rates (up to 25% per annum) subject to the terms and conditions set forth therein. The only security that may not be taken under this section is a bank deposit.

What is the difference between a small purchase and a micro purchase?

Micro purchase procedures apply to purchases of less than $10,000. When a purchase is more than $10,000 but less than $150,000, small purchase procedures apply. Major purchases (those more than $150,000) involve a third, more complex set of procedures that are described below.

What is the far part 13.5 threshold?

subpart 13.5 provides special authority for acquisitions of commercial products and commercial services exceeding the simplified acquisition threshold but not exceeding $7.5 million ($15 million for acquisitions as described in 13.500 (c)), including options.

What is far part 12?

This part prescribes policies and procedures unique to the acquisition of commercial products, including commercial components, and commercial services. It implements the Federal Government's preference for the acquisition of commercial products and commercial services contained in 41 U.S.C.

What is the current micro purchase threshold for 2023?

Federal micro-purchase threshold - increased from $3,500 to $10,000 and. Federal simplified acquisition threshold (formerly known as the federal small purchase threshold) -increased from $150,000 to $250,000.

What is the 80 20 rule in procurement?

And of course, the Pareto Principle is also a great rule of thumb for understanding your company's purchasing habits and identifying and cutting procurement costs—80% of your expenditure will likely come from 20% of your purchases, or 80% of your suppliers will account for around 20% of spend.

What is the golden rule of procurement?

The proverbial “Golden Rule” of public procurement is that all public transactions be conducted with the utmost integrity and without any appearance of impropriety.

What is New York State Banking Law 675?

Until now, according to Banking Law Section 675, a deposit made to a joint account in New York State has been considered to be equally owned by the individuals on the account title, and upon the death of the first joint owner, the surviving owner would be the presumed owner of the entire account.

What is Section 597 of the New York Banking Law?

Section 597 of the New York Banking Law (NYBL) and Section 419.12 of Part 419 of the Superintendent Regulations requires registered mortgage loan servicers and exempt mortgage loan servicers regulated by the Department to file quarterly and other reports in the form prescribed by the Superintendent.

What is New York Banking Law 351?

Interest, consideration, or charges for the use of money shall not be deducted or received in advance and shall be computed on unpaid principal balances.

You might also like
Popular posts
Latest Posts
Article information

Author: Stevie Stamm

Last Updated: 15/04/2024

Views: 6305

Rating: 5 / 5 (60 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Stevie Stamm

Birthday: 1996-06-22

Address: Apt. 419 4200 Sipes Estate, East Delmerview, WY 05617

Phone: +342332224300

Job: Future Advertising Analyst

Hobby: Leather crafting, Puzzles, Leather crafting, scrapbook, Urban exploration, Cabaret, Skateboarding

Introduction: My name is Stevie Stamm, I am a colorful, sparkling, splendid, vast, open, hilarious, tender person who loves writing and wants to share my knowledge and understanding with you.