Bill Text: NY S06239 | 2015-2016 | General Assembly | Introduced

New York Senate Bill 6239 (Prior Session Legislation)

Introduced

Bill Title: Relates to banking development districts; requires renewal of certain branches within banking development districts.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO BANKS [S06239 Detail]

Download: New_York-2015-S06239-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6239
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 6, 2016
                                      ___________
       Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
         printed to be committed to the Committee on Banks
       AN ACT to amend the banking law,  in  relation  to  banking  development
         districts
         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  to  the  local
    9  government,  the  bank,  trust company or national bank, the state comp-
   10  troller, the commissioner of taxation and finance, the  commissioner  of
   11  the  department  of economic development, the temporary president of the
   12  senate and the speaker of the assembly.   A  DESIGNATION  OF  A  BANKING
   13  DEVELOPMENT  DISTRICT  SHALL  BE  VALID  FOR  TEN YEARS FROM THE DATE OF
   14  DESIGNATION. THE SUPERINTENDENT MAY EXTEND THE TERM OF A BANKING  DEVEL-
   15  OPMENT  DISTRICT AN ADDITIONAL TEN YEAR PERIOD UPON A DETERMINATION THAT
   16  THERE IS A DEMONSTRATED NEED FOR BANKING SERVICES IN SUCH BANKING DEVEL-
   17  OPMENT DISTRICT.
   18    S 2. Section 96-d of the banking law is amended by adding a new subdi-
   19  vision 3-a to read as follows:
   20    3-A. IN ORDER TO MEET THE DEMONSTRATED NEED FOR BANKING SERVICES IN  A
   21  BANKING  DEVELOPMENT  DISTRICT, ANY BANK, TRUST COMPANY OR NATIONAL BANK
   22  THAT HAS ESTABLISHED A BRANCH  WITHIN  A  BANKING  DEVELOPMENT  DISTRICT
   23  SHALL OFFER AFFORDABLE PRODUCTS AND SERVICES, INCLUDING FINANCIAL EDUCA-
   24  TION  SERVICES,  TAILORED TO THE BANKING NEEDS OF THE COMMUNITY IN WHICH
   25  THE BRANCH IS LOCATED.
   26    S 3. This act shall take effect on the one hundred eightieth day after
   27  it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00952-01-5