Bill Text: NY S03676 | 2021-2022 | General Assembly | Introduced
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 3-0)
Status: (Engrossed - Dead) 2022-04-27 - REPORTED AND COMMITTED TO FINANCE [S03676 Detail]
Download: New_York-2021-S03676-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3676 2021-2022 Regular Sessions IN SENATE January 30, 2021 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed 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, 2021. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08155-01-1