Bill Text: NY A05302 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to banking development districts; requires renewal of certain branches within banking development districts.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-05-12 - advanced to third reading cal.596 [A05302 Detail]

Download: New_York-2015-A05302-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5302
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 17, 2015
                                      ___________
       Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
         tee on Banks
       AN  ACT  to  amend  the  banking law, in relation to banking development
         districts
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Subdivision 2 of section 96-d of the banking law, as added
    2  by chapter 204 of the laws of 1997, is amended to read as follows:
    3    2. A local government, in conjunction with a bank,  trust  company  or
    4  national  bank,  may submit an application to the superintendent for the
    5  designation of a banking development district. The superintendent  shall
    6  issue  a  determination  on  such  an  application  within sixty days of
    7  receiving such application. If an application is  approved,  the  super-
    8  intendent  shall  transmit  notification  of  such approval to the local
    9  government, the bank, trust company or national bank,  the  state  comp-
   10  troller,  the  commissioner of taxation and finance, the commissioner of
   11  the department of economic development, the temporary president  of  the
   12  senate  and  the  speaker  of the assembly.   A DESIGNATION OF A BANKING
   13  DEVELOPMENT DISTRICT SHALL BE VALID FOR  TEN  YEARS  FROM  THE  DATE  OF
   14  DESIGNATION.  THE SUPERINTENDENT MAY EXTEND THE TERM OF A BANKING DEVEL-
   15  OPMENT DISTRICT AN ADDITIONAL TEN YEAR PERIOD UPON A DETERMINATION  THAT
   16  THERE IS A DEMONSTRATED NEED FOR BANKING SERVICES IN SUCH BANKING DEVEL-
   17  OPMENT DISTRICT.
   18    S 2. Section 96-d of the banking law is amended by adding a new subdi-
   19  vision 3-a to read as follows:
   20    3-A.  IN ORDER TO MEET THE DEMONSTRATED NEED FOR BANKING SERVICES IN A
   21  BANKING DEVELOPMENT DISTRICT, ANY BANK, TRUST COMPANY OR  NATIONAL  BANK
   22  THAT  HAS  ESTABLISHED  A  BRANCH  WITHIN A BANKING DEVELOPMENT DISTRICT
   23  SHALL OFFER AFFORDABLE PRODUCTS AND SERVICES, INCLUDING FINANCIAL EDUCA-
   24  TION SERVICES, TAILORED TO THE BANKING NEEDS OF THE COMMUNITY  IN  WHICH
   25  THE BRANCH IS LOCATED.
   26    S 3. This act shall take effect on the one hundred eightieth day after
   27  it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00952-01-5