Bill Text: NY A06877 | 2013-2014 | General Assembly | Amended

New York Assembly Bill 6877 (Prior Session Legislation)

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-05-15 - advanced to third reading cal.690 [A06877 Detail]

Download: New_York-2013-A06877-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6877--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 23, 2013
                                      ___________
       Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
         tee  on  Banks  -- recommitted to the Committee on Banks in accordance
         with Assembly Rule 3, sec. 2 -- reported and referred to the Committee
         on Ways and Means  --  committee  discharged,  bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00177-04-4
       A. 6877--A                          2
    1  SHALL OFFER AFFORDABLE PRODUCTS AND SERVICES, INCLUDING FINANCIAL EDUCA-
    2  TION SERVICES, TAILORED TO THE BANKING NEEDS OF THE COMMUNITY  IN  WHICH
    3  THE BRANCH IS LOCATED.
    4    S 3. This act shall take effect on the one hundred eightieth day after
    5  it shall have become a law.