New York State Assembly

Bill No.:  

 
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A01509 Summary:

BILL NO	A01509
SAME AS	SAME AS S01492
SPONSOR	Rosenthal L
COSPNSR
MLTSPNSR
Amd §44, Bank L; amd §109, Ins L
Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

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A01509 Actions:

BILL NO	A01509
01/17/2023	referred to banks
01/03/2024	referred to banks

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A01509 Committee Votes:

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A01509 Floor Votes:

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A01509 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1509
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 17, 2023
                                       ___________
 
        Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred 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.
                                                                   LBD03542-01-3

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