Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.
STATE OF NEW YORK
________________________________________________________________________
2327
2025-2026 Regular Sessions
IN SENATE
January 16, 2025
___________
Introduced by Sens. COMRIE, MAY -- read twice and ordered printed, and
when printed to be committed to the Committee on Banks
AN ACT to amend the banking law and the insurance law, in relation to
dedicating ten percent of the fines and penalties imposed by the
superintendent of financial services for deposit into the community
development financial institution fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 44 of the banking law is amended by adding a new
2 subdivision 10 to read as follows:
3 10. Notwithstanding any provision of law to the contrary, ten percent
4 of all penalties imposed and collected pursuant to this section shall be
5 dedicated to and deposited into the community development financial
6 institution fund established pursuant to subdivision three of section
7 sixteen-o of the New York state urban development corporation act.
8 § 2. Section 109 of the insurance law is amended by adding a new
9 subsection (e) to read as follows:
10 (e) Notwithstanding any provision of law to the contrary, ten percent
11 of all penalties imposed and collected pursuant to this section shall be
12 dedicated to and deposited into the community development financial
13 institution fund established pursuant to subdivision three of section
14 sixteen-o of the New York state urban development corporation act.
15 § 3. This act shall take effect on the first of September next
16 succeeding the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05029-01-5
