Bill Text: NY S00727 | 2019-2020 | General Assembly | Amended
Bill Title: Relates to the banking development districts program.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Passed) 2019-12-12 - SIGNED CHAP.629 [S00727 Detail]
Download: New_York-2019-S00727-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 727--A Cal. No. 181 2019-2020 Regular Sessions IN SENATE (Prefiled) January 9, 2019 ___________ Introduced by Sens. MONTGOMERY, BROOKS, COMRIE, HOYLMAN, PARKER, SALA- ZAR, SANDERS, STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Banks -- reported favora- bly from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the banking law, in relation to the banking development district program; to amend chapter 526 of the laws of 1998, amending the banking law relating to participation in the banking development districts program, 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. 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] the designation 9 of a banking development district to the local government, the bank, 10 trust company or national bank, the state comptroller, the commissioner 11 of taxation and finance, the commissioner of the department of economic 12 development, the temporary president of the senate and the speaker of 13 the assembly. The designation of a banking development district shall be 14 valid for fourteen years. Prior to the expiration of a banking develop- 15 ment district designation, the superintendent may extend the designation 16 for one or more additional five or ten year periods. 17 § 2. Section 4 of chapter 526 of the laws of 1998, amending the bank- 18 ing law relating to participation in the banking development districts EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03497-02-9S. 727--A 2 1 program, as amended by chapter 46 of the laws of 2016, is amended to 2 read as follows: 3 § 4. This act shall take effect on the first day of January next 4 succeeding the date on which it shall have become a law and section 5 three of this act shall remain in effect until January 1, 2023 when upon 6 such date it shall expire and be deemed repealed; provided however that 7 any branch established prior to the expiration and repeal of section 8 three of this act by a savings bank, savings and loan association, 9 federal savings bank or federal savings and loan association in a bank- 10 ing development district pursuant to this act shall continue to operate 11 in accordance with this act and remain eligible for all the rights and 12 privileges authorized by this act. 13 § 3. Subdivision 5 of section 96-d of the banking law, as added by 14 chapter 526 of the laws of 1998, paragraph (a) as amended by chapter 328 15 of the laws of 1999 and paragraph (b) as further amended by section 104 16 of part A of chapter 62 of the laws of 2011, is amended to read as 17 follows: 18 5. (a) Notwithstanding the provisions of subdivision two of section 19 two hundred thirty-seven of this chapter; for the purposes of this 20 section, paragraph c of subdivision two of section ten of the general 21 municipal law, subdivision six of section one hundred five of the state 22 finance law and section four hundred eighty-five-f of the real property 23 tax law, any reference to a bank, trust company or national bank shall 24 be deemed to include a savings bank, savings and loan association, 25 federal savings and loan association [or], federal savings bank, credit 26 union, or federal credit union; provided, however, that such provisions 27 of law do not grant a savings bank, savings and loan association, feder- 28 al savings and loan association [or], federal savings bank, credit 29 union, or federal credit union eligibility to accept municipal or public 30 funds or municipal or public moneys other than for the limited purposes 31 of the establishment of a branch in a banking development district 32 pursuant to this section. Any such municipal or public funds or moneys 33 shall be deposited only at the branch established pursuant to this 34 section, and any municipal funds or moneys may be deposited only by the 35 sponsoring municipality in which the branch and banking development 36 district are located; provided further that any such municipal or public 37 funds or moneys shall be subject to the same requirements which apply to 38 municipal or public funds or moneys deposited in a bank, trust company 39 or national bank and shall also be subject to the provisions of section 40 one hundred five of the state finance law or section ten of the general 41 municipal law relating to such deposits. 42 (b) Notwithstanding any other provision of law, the superintendent of 43 financial services shall promulgate rules and regulations to authorize 44 the participation of savings banks, savings and loan associations, 45 federal savings banks [and], federal savings and loan associations, 46 credit unions, and federal credit unions in the program established 47 pursuant to this section. 48 § 4. This act shall take effect immediately; provided, however, that 49 the amendments to subdivision 5 of section 96-d of the banking law made 50 by section three of this act shall not affect the repeal of such subdi- 51 vision and shall be deemed repealed therewith.
