senate Bill S2933A

Signed by Governor Amended

Relates to the preservation of books and records of banking institutions

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
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actions

  • 25 / Jan / 2013
    • REFERRED TO BANKS
  • 05 / Jun / 2013
    • 1ST REPORT CAL.1129
  • 10 / Jun / 2013
    • 2ND REPORT CAL.
  • 11 / Jun / 2013
    • ADVANCED TO THIRD READING
  • 12 / Jun / 2013
    • PASSED SENATE
  • 12 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 12 / Jun / 2013
    • REFERRED TO BANKS
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO BANKS
  • 07 / May / 2014
    • AMEND AND RECOMMIT TO BANKS
  • 07 / May / 2014
    • PRINT NUMBER 2933A
  • 21 / May / 2014
    • 1ST REPORT CAL.909
  • 28 / May / 2014
    • 2ND REPORT CAL.
  • 29 / May / 2014
    • ADVANCED TO THIRD READING
  • 02 / Jun / 2014
    • AMENDED ON THIRD READING 2933B
  • 09 / Jun / 2014
    • PASSED SENATE
  • 09 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 09 / Jun / 2014
    • REFERRED TO BANKS
  • 16 / Jun / 2014
    • SUBSTITUTED FOR A9777A
  • 16 / Jun / 2014
    • ORDERED TO THIRD READING RULES CAL.221
  • 16 / Jun / 2014
    • PASSED ASSEMBLY
  • 16 / Jun / 2014
    • RETURNED TO SENATE
  • 25 / Aug / 2014
    • DELIVERED TO GOVERNOR
  • 04 / Sep / 2014
    • SIGNED CHAP.341

Summary

Provides that requirements relating to the preservation of certain banking records may be satisfied by maintenance of original papers or other records, photographic reproductions, or records stored in electronic storage media.

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Bill Details

See Assembly Version of this Bill:
A9777
Versions:
S2933
S2933A
S2933B
Legislative Cycle:
2013-2014
Law Section:
Banking Law
Laws Affected:
Add ยง36-b, Bank L
Versions Introduced in 2011-2012 Legislative Cycle:
S6952A

Votes

17
1
17
Aye
1
Nay
1
aye with reservations
0
absent
0
excused
0
abstained
show Banks committee vote details

Sponsor Memo

BILL NUMBER:S2933A

TITLE OF BILL: An act to amend the banking law, in relation to
electronic preservation of banking records

PURPOSE:

This bill would establish a consistent recordkeeping standard and
clarify that regulated entities may preserve records through the use
of electronic storage media.

SUMMARY OF PROVISIONS:

A new section 36-b would be added to the Banking Law to clarify the
ability of regulated entities to preserve their books and records
through the use of electronic storage media.

JUSTIFICATION:

This bill would help update the Banking Law in order to reflect
changes in technology. These amendments will clarify the ability of
regulated financial institutions to use more modem and efficient
methods of recordkeeping and communication.

The activities and operations of various types of banking institutions
and nonbank financial service companies are governed by different
articles of the Banking Law. Each of these articles generally requires
the regulated entities to preserve books and records for a specified
number of years. However, these sections of law have been enacted or
amended at different times. They may be inconsistent with each other,
and some have not been updated to reflect new recordkeeping
technologies. For example, some sections refer to the maintenance of
records through photographic reproduction, while others include
references to optical disk technology.

This bill would enact a new section 36-b in the Banking Law to clarify
that all regulated entities may utilize electronic storage media in
preserving their records. The bill specifies certain standards that
must be met. This legislation will ensure the ability of financial
institutions to use current technology and best practices to preserve
records in a cost-effective and practical way.

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

The ninetieth day after it shall have become law.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2933--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 25, 2013
                               ___________

Introduced  by  Sen.  FARLEY -- 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 electronic preservation
  of banking records

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The banking law is amended by adding a new section 36-b to
read as follows:
  S 36-B. PRESERVATION OF BOOKS AND RECORDS. WHEN ANY PROVISION OF  THIS
CHAPTER OR ANY RULE OR REGULATION ADOPTED PURSUANT THERETO REQUIRES THAT
BOOKS  AND  RECORDS  BE  PRESERVED, SUCH REQUIREMENT MAY BE SATISFIED BY
MAINTENANCE OF ORIGINAL PAPERS OR OTHER  RECORDS,  PHOTOGRAPHIC  REPROD-
UCTIONS,  OR RECORDS STORED IN ELECTRONIC STORAGE MEDIA. AS USED IN THIS
CHAPTER, "ELECTRONIC STORAGE MEDIA" MEANS ANY DIGITAL STORAGE MEDIUM  OR
SYSTEM THAT MEETS THE FOLLOWING CONDITIONS:
  1. IT MUST PRESERVE THE RECORDS EXCLUSIVELY IN NON-REWRITABLE, NON-ER-
ASABLE FORMAT;
  2.  IT MUST VERIFY AUTOMATICALLY THE QUALITY AND ACCURACY OF THE STOR-
AGE MEDIA RECORDING PROCESS;
  3. IT MUST HAVE THE CAPACITY TO READILY DOWNLOAD INDEXES  AND  RECORDS
PRESERVED  ON  THE  ELECTRONIC STORAGE MEDIA TO ANY MEDIUM ACCEPTABLE TO
THE SUPERINTENDENT; AND
  4. IT MUST BE IMMEDIATELY READABLE ON EQUIPMENT AT ALL TIMES AVAILABLE
TO THE SUPERINTENDENT FOR EXAMINATION OF SUCH RECORDS.
  S 2.  This  act shall take effect on the ninetieth day after it  shall
have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08147-02-4

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