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S08318 Summary:

S08318 Actions:

S08318 Committee Votes:

S08318 Floor Votes:

S08318 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8318
 
                    IN SENATE
 
                                    February 11, 2022
                                       ___________
 
        Introduced  by  Sen.  MYRIE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks
 
        AN ACT to amend the banking law, in relation to waivers for wire  trans-
          fer or processing fees associated with Holocaust reparations payments
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The banking law is amended by adding a new section 18-b  to
     2  read as follows:
     3    §  18-b.  Holocaust  reparations payment fees. 1.  For the purposes of
     4  this section, "victims or targets of Nazi persecution" means  any  indi-
     5  vidual,  corporation,  partnership,  sole proprietorship, unincorporated
     6  association, community,  congregation,  group,  organization,  or  other
     7  entity persecuted or targeted for persecution by the Nazi Regime because
     8  of  race,  religion,  ethnicity, sexual orientation, national origin, or
     9  physical or mental disability or handicap,  or  the  heirs,  successors,
    10  administrators,  executors,  affiliates, or assignees of such victims or
    11  targets, or any other claimant receiving funds from an eligible  settle-
    12  ment fund, or from an eligible grantor trust established for the benefit
    13  of  such  victims  or  targets. An eligible settlement fund is an entity
    14  that is treated for federal income tax purposes as a designated or qual-
    15  ified settlement fund, as such term is defined in section  468B  of  the
    16  Internal  Revenue  Code  and the regulations thereunder, which is estab-
    17  lished for the principal purpose  of  resolving  and  satisfying  claims
    18  arising from or in connection with any act or omission in any way relat-
    19  ing  to  the  Holocaust,  World  War  II  and its prelude and aftermath,
    20  victims or targets of Nazi persecution, transactions with or actions  of
    21  the Nazi Regime, or treatment of refugees fleeing Nazi persecution by or
    22  in the Swiss Confederation. An eligible grantor trust is a grantor trust
    23  which is established for the principal purpose of resolving and satisfy-
    24  ing such claims.
    25    2.  The  superintendent  shall  maintain and annually update a list of
    26  banks and other financial institutions doing business in the state  that
    27  voluntarily  waive  wire transfer fees and other processing fees imposed
    28  for automated deposits or transfers of amounts received (including accu-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14654-02-2
        S. 8318                             2

     1  mulated interest) by victims or targets  of  Nazi  persecution  from  an
     2  eligible  settlement fund, or from an eligible grantor trust established
     3  for the benefit of such victims or targets.  The department  shall  make
     4  the list available to the public on the department's website.
     5    § 2. This act shall take effect immediately.