Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons.
STATE OF NEW YORK
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238--C
2009-2010 Regular Sessions
IN ASSEMBLY(Prefiled)
January 7, 2009
___________
Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
tee on Banks -- committee discharged, bill amended, ordered reprinted
as amended and recommitted to said committee -- again reported from
said committee with amendments, ordered reprinted as amended and
recommitted to said committee -- recommitted to the Committee on Banks
in accordance with Assembly Rule 3, sec. 2 -- committee discharged,
bill amended, ordered reprinted as amended and recommitted to said
committee
AN ACT to amend the banking law, in relation to including low income
credit unions in the banking development district program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 5 of section 96-d of the banking law, as added
2 by chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
3 328 of the laws of 1999, is amended to read as follows:
4 5. (a) Notwithstanding the provisions of subdivision two of section
5 two hundred thirty-seven of this chapter; for the purposes of this
6 section, paragraph c of subdivision two of section ten of the general
7 municipal law, subdivision six of section one hundred five of the state
8 finance law and section four hundred eighty-five-f of the real property
9 tax law, any reference to a bank, trust company or national bank shall
10 be deemed to include a savings bank, savings and loan association,
11 federal savings and loan association or federal savings bank or, in
12 cities having a population of one million or more persons, any low
13 income credit union as designated by section four hundred fifty-a of
14 this chapter or any federal credit union that has been designated a low
15 income credit union by the National Credit Union Administration;
16 provided, however, that such provisions of law do not grant a savings
17 bank, savings and loan association, federal savings and loan association
18 or federal savings bank or, in cities having a population of one million
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00903-11-0
A. 238--C 2
1 or more persons, any low income credit union as designated by section
2 four hundred fifty-a of this chapter or any federal credit union that
3 has been designated a low income credit union by the National Credit
4 Union Administration eligibility to accept municipal or public funds or
5 municipal or public moneys other than for the limited purposes of the
6 establishment of a branch in a banking development district pursuant to
7 this section. Any such municipal or public funds or moneys shall be
8 deposited only at the branch established pursuant to this section, and
9 any municipal funds or moneys may be deposited only by the sponsoring
10 municipality in which the branch and banking development district are
11 located; provided further that any such municipal or public funds or
12 moneys shall be subject to the same requirements which apply to munici-
13 pal or public funds or moneys deposited in a bank, trust company or
14 national bank and shall also be subject to the provisions of section one
15 hundred five of the state finance law or section ten of the general
16 municipal law relating to such deposits.
17 (b) Notwithstanding any other provision of law, the banking board
18 shall promulgate rules and regulations to authorize the participation of
19 savings banks, savings and loan associations, federal savings banks and
20 federal savings and loan associations or, in cities having a population
21 of one million or more persons, any low income credit union as desig-
22 nated by section four hundred fifty-a of this chapter or any federal
23 credit union that has been designated a low income credit union by the
24 National Credit Union Administration in the program established pursuant
25 to this section.
26 § 2. This act shall take effect immediately, provided, however, that
27 the amendments to subdivision 5 of section 96-d of the banking law made
28 by section one of this act shall not affect the repeal of such subdivi-
29 sion and shall be deemed repealed therewith.
