STATE OF NEW YORK
________________________________________________________________________
10031
IN ASSEMBLY
May 2, 2024
___________
Introduced by M. of A. BUTTENSCHON -- read once and referred to the
Committee on Banks
AN ACT to amend chapter 3 of the laws of 1997 amending the banking law
and the insurance law relating to authorizing the banking board to
permit banks and trust companies to exercise the rights of national
banks, in relation to the effectiveness thereof; and to amend chapter
322 of the laws of 2007 amending the banking law relating to the power
of banks, private bankers, trust companies, savings banks, savings and
loan associations, credit unions and foreign banking corporations to
exercise the rights of national banks, federal savings associations,
federal credit unions and federal branches and agencies of foreign
banks, in relation to the effectiveness thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 7 of chapter 3 of the laws of 1997 amending the
2 banking law and the insurance law relating to authorizing the banking
3 board to permit banks and trust companies to exercise the rights of
4 national banks, as amended by chapter 217 of the laws of 2019, is
5 amended to read as follows:
6 § 7. This act shall take effect immediately provided that section two
7 of this act shall take effect on the thirtieth day after it shall have
8 become a law and shall apply to violations prescribed in section 44 of
9 the banking law that occur on or after such date; and provided further
10 that sections one, three, four and five shall expire and be deemed
11 repealed September 10, [2024] 2029; and provided further that any rules
12 and regulations promulgated pursuant to sections one, three, four and
13 five shall remain in full force and effect on and after such expiration
14 date and shall not be affected by such expiration date.
15 § 2. Section 6 of chapter 322 of the laws of 2007, amending the bank-
16 ing law relating to the power of banks, private bankers, trust compa-
17 nies, savings banks, savings and loan associations, credit unions and
18 foreign banking corporations to exercise the rights of national banks,
19 federal savings associations, federal credit unions and federal branches
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15342-01-4
A. 10031 2
1 and agencies of foreign banks, as amended by chapter 217 of the laws of
2 2019, is amended to read as follows:
3 § 6. This act shall take effect immediately; provided, however that
4 sections one, two, three and four of this act shall take effect Septem-
5 ber 1, 2007; and provided further that sections one, two, three and four
6 of this act shall expire and be deemed repealed September 10, [2024]
7 2029; and provided further that any federally permitted powers approved
8 under section three of this act shall remain in full force and effect on
9 and after such repeal date and shall not be affected by such repeal.
10 § 3. This act shall take effect immediately.
