Bill Text: NY A10031 | 2023-2024 | General Assembly | Introduced

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Bill Title: Extends certain provisions of the banking law from September 10, 2024 until September 10, 2029.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Engrossed) 2024-05-15 - REFERRED TO BANKS [A10031 Detail]

Download: New_York-2023-A10031-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10031

                   IN ASSEMBLY

                                       May 2, 2024
                                       ___________

        Introduced  by  M.  of  A.  BUTTENSCHON -- read once and referred to the
          Committee on Banks

        AN ACT to amend chapter 3 of the laws of 1997 amending the  banking  law
          and  the  insurance  law  relating to authorizing the banking board to
          permit banks and trust companies to exercise the  rights  of  national
          banks,  in relation to the effectiveness thereof; and to amend chapter
          322 of the laws of 2007 amending the banking law relating to the power
          of banks, private bankers, trust companies, savings banks, savings and
          loan associations, credit unions and foreign banking  corporations  to
          exercise  the  rights of national banks, federal savings associations,
          federal credit unions and federal branches  and  agencies  of  foreign
          banks, in relation to the effectiveness thereof

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 7 of chapter 3 of the laws  of  1997  amending  the
     2  banking  law  and  the insurance law relating to authorizing the banking
     3  board to permit banks and trust companies  to  exercise  the  rights  of
     4  national  banks,  as  amended  by  chapter  217  of the laws of 2019, is
     5  amended to read as follows:
     6    § 7. This act shall take effect immediately provided that section  two
     7  of  this  act shall take effect on the thirtieth day after it shall have
     8  become a law and shall apply to violations prescribed in section  44  of
     9  the  banking  law that occur on or after such date; and provided further
    10  that sections one, three, four and  five  shall  expire  and  be  deemed
    11  repealed  September 10, [2024] 2029; and provided further that any rules
    12  and regulations promulgated pursuant to sections one,  three,  four  and
    13  five  shall remain in full force and effect on and after such expiration
    14  date and shall not be affected by such expiration date.
    15    § 2. Section 6 of chapter 322 of the laws of 2007, amending the  bank-
    16  ing  law  relating  to the power of banks, private bankers, trust compa-
    17  nies, savings banks, savings and loan associations,  credit  unions  and
    18  foreign  banking  corporations to exercise the rights of national banks,
    19  federal savings associations, federal credit unions and federal branches

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15342-01-4
        A. 10031                            2

     1  and agencies of foreign banks, as amended by chapter 217 of the laws  of
     2  2019, is amended to read as follows:
     3    §  6.  This  act shall take effect immediately; provided, however that
     4  sections one, two, three and four of this act shall take effect  Septem-
     5  ber 1, 2007; and provided further that sections one, two, three and four
     6  of  this  act  shall  expire and be deemed repealed September 10, [2024]
     7  2029; and provided further that any federally permitted powers  approved
     8  under section three of this act shall remain in full force and effect on
     9  and after such repeal date and shall not be affected by such repeal.
    10    § 3. This act shall take effect immediately.