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A08156 Summary:

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A08156 Floor Votes:

A08156 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8156
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 3, 2011
                                       ___________
 
        Introduced  by M. of A. LANCMAN -- read once and referred to the Commit-
          tee on Banks
 
        AN ACT to amend the banking law, in relation to the exercise  of  feder-
          ally permitted powers by a state chartered banking institution
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 

     1    Section 1. Subdivision 3 of  section  12-a  of  the  banking  law,  as
     2  amended  by  section  88 of part A of chapter 62 of the laws of 2011, is
     3  amended to read as follows:
     4    3. Except with respect to a federally permitted power approved  pursu-
     5  ant  to  subdivision  four of this section, prior to any state chartered
     6  banking institution initially exercising any federally  permitted  power
     7  pursuant  to this section, such banking institution shall make an appli-
     8  cation individually or with one or more state chartered  banking  insti-
     9  tutions to the superintendent indicating that such institution or insti-
    10  tutions  intend to exercise such federally permitted power and the basis
    11  on which such institution or institutions believe such power is a feder-
    12  ally permitted power.  The superintendent shall have one hundred  twenty

    13  days  from  receipt of the application to determine whether it meets the
    14  requirements of this section, provided that such period may be  extended
    15  for  an additional period of time with the written consent of the appli-
    16  cant or applicants. If such application meets the requirements  of  this
    17  section,  the superintendent shall post such application upon the bulle-
    18  tin board of the department pursuant to section forty-two of this  arti-
    19  cle.  [After  promptly reviewing such application, the] If such applica-
    20  tion does not meet the requirements of this section, the  superintendent
    21  shall,  within  ten  days of such determination, notify the applicant or
    22  applicants of the reasons why the application fails to meet the require-

    23  ments. The superintendent shall determine, consistent with the standards
    24  set forth in subdivision five of this section, whether to  approve  such
    25  application  subject  to such terms and conditions as the superintendent
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10810-03-1
        A. 8156                             2
 
     1  may deem appropriate, in  the  superintendent's  sole  discretion.  Such
     2  determination,  shall  be  made  by the superintendent within forty-five
     3  days after the posting of  such  application  [by  the  superintendent],
     4  provided  however  that  the  superintendent may notify the applicant or

     5  applicants that the review of the application shall be extended  for  an
     6  additional  period of time not exceeding [one hundred twenty] sixty days
     7  after the posting of such application, and provided  further  that  such
     8  period of time may be extended for an additional period of time with the
     9  written consent of the applicant or applicants. The superintendent shall
    10  not act upon the application prior to thirty days after such application
    11  has  been  posted. [If the superintendent shall determine not to approve
    12  of such application, the superintendent shall notify  the  applicant  or
    13  applicants  in writing that the applicant or applicants may not exercise
    14  such federally permitted power.] If  the  superintendent  approves  such
    15  application,  the superintendent shall, within ten days of approving the

    16  application, notify the applicant or applicants in writing thereof,  and
    17  the  applicant or applicants may exercise such federally permitted power
    18  subject to such terms and conditions  as  the  superintendent  may  have
    19  approved.    If the superintendent declines such application, the super-
    20  intendent shall, within ten days of making  such  determination,  notify
    21  the  applicant  or applicants in writing thereof. An applicant or appli-
    22  cants may,  upon  the  superintendent's  failure  to  comply  with  this
    23  section,  petition  the  superintendent to act upon the application. The
    24  failure of the superintendent to act upon the application or notify  the
    25  applicant or applicants, in writing, as to the reasons why action cannot

    26  be  taken within thirty days of receipt of such petition shall be deemed
    27  a denial of the application, which shall be subject to judicial  review.
    28  Notwithstanding  any other law, the superintendent may make the approval
    29  of an application under this section applicable to  one  or  more  addi-
    30  tional  state chartered banking institutions that are qualified to exer-
    31  cise the same federally permitted powers as the applicant or  applicants
    32  pursuant  to  subdivision two of this section, subject to such terms and
    33  conditions as the superintendent shall find necessary and appropriate.
    34    § 2. This act shall take effect immediately, provided,  however,  that
    35  the  amendments to subdivision 3 of section 12-a of the banking law made
    36  by section one of this act shall not affect the repeal of  such  section
    37  and shall be deemed repealed therewith.