Bill Text: NY S05521 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to including 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); relates to directing the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; 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 3-0)
Status: (Introduced - Dead) 2016-06-08 - REPORTED AND COMMITTED TO RULES [S05521 Detail]
Download: New_York-2015-S05521-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5521--A 2015-2016 Regular Sessions IN SENATE May 14, 2015 ___________ Introduced by Sens. MONTGOMERY, HAMILTON -- 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 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, paragraph (b) as further amended by section 104 4 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 21 moneys shall be deposited only at the branch established pursuant to EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01032-04-6
