Bill Text: NY A10638 | 2021-2022 | General Assembly | Introduced

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Bill Title: Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-07-06 - referred to banks [A10638 Detail]

Download: New_York-2021-A10638-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10638

                   IN ASSEMBLY

                                      July 6, 2022
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. L. Rosen-
          thal) -- read once and referred to the Committee on Banks

        AN ACT to amend the banking law and the insurance law,  in  relation  to
          dedicating  ten  percent  of  the  fines  and penalties imposed by the
          superintendent of financial services for deposit  into  the  community
          development financial institution fund

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

     1    Section 1. Section 44 of the banking law is amended by  adding  a  new
     2  subdivision 10 to read as follows:
     3    10.  Notwithstanding any provision of law to the contrary, ten percent
     4  of all penalties imposed and collected pursuant to this section shall be
     5  dedicated to and deposited  into  the  community  development  financial
     6  institution  fund  established  pursuant to subdivision three of section
     7  sixteen-o of the New York state urban development corporation act.
     8    § 2. Section 109 of the insurance law  is  amended  by  adding  a  new
     9  subsection (e) to read as follows:
    10    (e)  Notwithstanding any provision of law to the contrary, ten percent
    11  of all penalties imposed and collected pursuant to this section shall be
    12  dedicated to and deposited  into  the  community  development  financial
    13  institution  fund  established  pursuant to subdivision three of section
    14  sixteen-o of the New York state urban development corporation act.
    15    § 3. This act shall take effect September 1, 2022.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08155-03-2