S03569 Summary:

BILL NOS03569A
 
SAME ASNo same as
 
SPONSORSMITH
 
COSPNSR
 
MLTSPNSR
 
Amd SS96-d & 451, Bank L
 
Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for the purpose of the banking development district program (which was created to encourage the establishment of bank branches in geographic locations where there is a demonstrated need for banking services); directs the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; and provides that for purposes of such program, a credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services.
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S03569 Actions:

BILL NOS03569A
 
02/06/2013REFERRED TO BANKS
01/08/2014REFERRED TO BANKS
01/28/2014AMEND AND RECOMMIT TO BANKS
01/28/2014PRINT NUMBER 3569A
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S03569 Floor Votes:

There are no votes for this bill in this legislative session.
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S03569 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3569--A
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                    February 6, 2013
                                       ___________
 
        Introduced  by  Sen.  SMITH  -- 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
 

        AN  ACT to amend the banking law, in relation to including credit unions
          and federal credit unions within provisions regarding banking develop-
          ment  district  program  and  providing  for  the  repeal  of  certain
          provisions upon expiration thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 5 of section 96-d of the banking law, as  added
     2  by  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
     3  328 of the laws of 1999 and paragraph (b) as further amended by  section
     4  104  of  part A of chapter 62 of the laws of 2011, is amended to read as
     5  follows:
     6    5. (a) Notwithstanding the provisions of subdivision  two  of  section
     7  two  hundred  thirty-seven  of  this  chapter;  for the purposes of this

     8  section, paragraph c of subdivision two of section ten  of  the  general
     9  municipal  law, subdivision six of section one hundred five of the state
    10  finance law and section four hundred eighty-five-f of the real  property
    11  tax  law,  any reference to a bank, trust company or national bank shall
    12  be deemed to include a  savings  bank,  savings  and  loan  association,
    13  federal  savings and loan association [or], federal savings bank, credit
    14  union or federal credit union; provided, however, that  such  provisions
    15  of law do not grant a savings bank, savings and loan association, feder-
    16  al  savings  and  loan  association [or], federal savings bank, a credit
    17  union or a federal credit  union  eligibility  to  accept  municipal  or

    18  public  funds  or  municipal or public moneys other than for the limited
    19  purposes of the establishment of  a  branch  in  a  banking  development
    20  district pursuant to this section. Any such municipal or public funds or
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00151-03-4

        S. 3569--A                          2
 
     1  moneys  shall  be  deposited  only at the branch established pursuant to
     2  this section, and any municipal funds or moneys may be deposited only by
     3  the sponsoring municipality in which the branch and banking  development
     4  district are located; provided further that any such municipal or public
     5  funds or moneys shall be subject to the same requirements which apply to

     6  municipal  or  public funds or moneys deposited in a bank, trust company
     7  or national bank and shall also be subject to the provisions of  section
     8  one  hundred five of the state finance law or section ten of the general
     9  municipal law relating to such deposits.
    10    (b) Notwithstanding any other provision of law, the superintendent  of
    11  financial  services  shall promulgate rules and regulations to authorize
    12  the participation of  savings  banks,  savings  and  loan  associations,
    13  federal  savings  banks  [and],  federal  savings and loan associations,
    14  credit unions and federal  credit  unions  in  the  program  established
    15  pursuant to this section.
    16    §  2.  Subdivision  2  of section 451 of the banking law is amended by
    17  adding a new paragraph (c-1) to read as follows:

    18    (c-1) For the purposes of section ninety-six-d of  this  chapter,  the
    19  credit  union  may  include in its membership any person or organization
    20  located within a local community, neighborhood, or rural district  where
    21  there  is  a demonstrated need for banking services as determined by the
    22  superintendent.
    23    § 3. This act shall take effect immediately and  shall  be  deemed  to
    24  have  been  in  full  force  and  effect  on  and after January 1, 2014,
    25  provided, however, that the amendments to subdivision 2 of  section  451
    26  of  the  banking law made by section two of this act shall expire and be
    27  deemed repealed on the same date as section 4 of chapter 526 of the laws
    28  of 1998, as amended, expires and repeals, and provided, further that the
    29  amendments to subdivision 5 of section 96-d of the banking law  made  by

    30  section  one of this act shall not affect the repeal of such subdivision
    31  and shall be deemed to be repealed therewith;  provided,  however,  that
    32  any  branch  established  prior  to  the  expiration  and  repeal of the
    33  provisions of this act by a credit union or federal credit  union  in  a
    34  banking  development  district  pursuant  to  the provisions of this act
    35  shall continue to operate in accordance with the provisions of the bank-
    36  ing law, as amended by this act, and remain eligible for all the  rights
    37  and privileges authorized by this act.
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