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S02933 Summary:

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S02933 Floor Votes:

S02933 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         2933--B
            Cal. No. 909
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                    January 25, 2013
                                       ___________
 
        Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks  --  recommitted  to
          the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and

          recommitted  to said committee -- reported favorably from said commit-
          tee, ordered to first and second report, ordered to a  third  reading,
          amended  and  ordered  reprinted,  retaining its place in the order of
          third reading
 
        AN ACT to amend the banking law, in relation to electronic  preservation
          of banking records
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The banking law is amended by adding a new section 36-b  to
     2  read as follows:
     3    §  36-b. Preservation of books and records. When any provision of this
     4  chapter or any rule or regulation adopted pursuant thereto requires that
     5  books and records be preserved, such requirement  may  be  satisfied  by

     6  maintenance  of  original  papers or other records, photographic reprod-
     7  uctions, or records stored in electronic storage media. As used in  this
     8  chapter,  "electronic storage media" means any digital storage medium or
     9  system that meets the following conditions:
    10    1. It must preserve the records exclusively in non-rewritable, non-er-
    11  asable format;
    12    2. It must verify automatically the quality and accuracy of the  stor-
    13  age media recording process;
    14    3. It must have the capacity to readily download indexes, metadata and
    15  records preserved on the electronic storage media to any medium accepta-
    16  ble to the superintendent; and
    17    4. It must be immediately readable on equipment at all times available

    18  to the superintendent for examination of such records.
    19    §  2.  This  act shall take effect on the ninetieth day after it shall
    20  have become a law.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08147-04-4