Authorizes certain banks, trust companies or national banks which are eligible and seeking to participate in the banking development district program and which have total assets of less than five billion dollars to have an abbreviated application for participation.
STATE OF NEW YORK
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8356
IN SENATE
May 3, 2018
___________
Introduced by Sen. PHILLIPS -- 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 the banking development
district program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 96-d of the banking law is amended by adding a new
2 subdivision 7 to read as follows:
3 7. The superintendent shall establish for all banks, trust companies
4 or national banks, eligible and seeking to participate in the banking
5 development district program established by this section, and which have
6 total assets of less than five billion dollars, an abbreviated applica-
7 tion for such participation. Such abbreviated application shall not be
8 more than three pages, and shall be designed to be completed by such
9 applicant in less than one hour. The superintendent shall further estab-
10 lish, within the banking division of the department, a unit to assist
11 all banks, trust companies or national banks, eligible and seeking to
12 participate in the banking development district program established by
13 this section, with the successful completion and submission of their
14 application, as well as to assist all such banks, trust companies or
15 national banks operating in a banking development district, with their
16 successful participation in such program.
17 § 2. This act shall take effect on the ninetieth day after it shall
18 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15709-01-8
