Bill Text: NY S03569 | 2013-2014 | General Assembly | Amended
Bill Title: Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for the purpose of the banking development district program (which was created to encourage the establishment of bank branches in geographic locations where there is a demonstrated need for banking services); directs the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; and provides that for purposes of such program, a credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-01-28 - PRINT NUMBER 3569A [S03569 Detail]
Download: New_York-2013-S03569-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
3569--A
2013-2014 Regular Sessions
I N S E N A T E
February 6, 2013
___________
Introduced by Sen. SMITH -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks -- recommitted to
the Committee on Banks in accordance with Senate Rule 6, sec. 8 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the banking law, in relation to including credit unions
and federal credit unions within provisions regarding banking develop-
ment district program and providing for the repeal of certain
provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 5 of section 96-d of the banking law, as added
2 by chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
3 328 of the laws of 1999 and paragraph (b) as further amended by section
4 104 of part A of chapter 62 of the laws of 2011, is amended to read as
5 follows:
6 5. (a) Notwithstanding the provisions of subdivision two of section
7 two hundred thirty-seven of this chapter; for the purposes of this
8 section, paragraph c of subdivision two of section ten of the general
9 municipal law, subdivision six of section one hundred five of the state
10 finance law and section four hundred eighty-five-f of the real property
11 tax law, any reference to a bank, trust company or national bank shall
12 be deemed to include a savings bank, savings and loan association,
13 federal savings and loan association [or], federal savings bank, CREDIT
14 UNION OR FEDERAL CREDIT UNION; provided, however, that such provisions
15 of law do not grant a savings bank, savings and loan association, feder-
16 al savings and loan association [or], federal savings bank, A CREDIT
17 UNION OR A FEDERAL CREDIT UNION eligibility to accept municipal or
18 public funds or municipal or public moneys other than for the limited
19 purposes of the establishment of a branch in a banking development
20 district pursuant to this section. Any such municipal or public funds or
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00151-03-4
S. 3569--A 2
1 moneys shall be deposited only at the branch established pursuant to
2 this section, and any municipal funds or moneys may be deposited only by
3 the sponsoring municipality in which the branch and banking development
4 district are located; provided further that any such municipal or public
5 funds or moneys shall be subject to the same requirements which apply to
6 municipal or public funds or moneys deposited in a bank, trust company
7 or national bank and shall also be subject to the provisions of section
8 one hundred five of the state finance law or section ten of the general
9 municipal law relating to such deposits.
10 (b) Notwithstanding any other provision of law, the superintendent of
11 financial services shall promulgate rules and regulations to authorize
12 the participation of savings banks, savings and loan associations,
13 federal savings banks [and], federal savings and loan associations,
14 CREDIT UNIONS AND FEDERAL CREDIT UNIONS in the program established
15 pursuant to this section.
16 S 2. Subdivision 2 of section 451 of the banking law is amended by
17 adding a new paragraph (c-1) to read as follows:
18 (C-1) FOR THE PURPOSES OF SECTION NINETY-SIX-D OF THIS CHAPTER, THE
19 CREDIT UNION MAY INCLUDE IN ITS MEMBERSHIP ANY PERSON OR ORGANIZATION
20 LOCATED WITHIN A LOCAL COMMUNITY, NEIGHBORHOOD, OR RURAL DISTRICT WHERE
21 THERE IS A DEMONSTRATED NEED FOR BANKING SERVICES AS DETERMINED BY THE
22 SUPERINTENDENT.
23 S 3. This act shall take effect immediately and shall be deemed to
24 have been in full force and effect on and after January 1, 2014,
25 provided, however, that the amendments to subdivision 2 of section 451
26 of the banking law made by section two of this act shall expire and be
27 deemed repealed on the same date as section 4 of chapter 526 of the laws
28 of 1998, as amended, expires and repeals, and provided, further that the
29 amendments to subdivision 5 of section 96-d of the banking law made by
30 section one of this act shall not affect the repeal of such subdivision
31 and shall be deemed to be repealed therewith; provided, however, that
32 any branch established prior to the expiration and repeal of the
33 provisions of this act by a credit union or federal credit union in a
34 banking development district pursuant to the provisions of this act
35 shall continue to operate in accordance with the provisions of the bank-
36 ing law, as amended by this act, and remain eligible for all the rights
37 and privileges authorized by this act.
