Assembly Bill A238

2009-2010 Legislative Session

Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons

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Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 11, 2010	print number 238c
Mar 11, 2010	amend and recommit to banks
Jan 06, 2010	referred to banks
Jun 05, 2009	print number 238b
Jun 05, 2009	amend and recommit to banks
Mar 16, 2009	print number 238a
Mar 16, 2009	amend and recommit to banks
Jan 07, 2009	referred to banks

Bill Amendments

Original

C (Active)

2009-A238 - Details

Current Committee:: Assembly Banks
Laws Affected:: Amd §96-d, Bank L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A5932
2013-2014: A1118
2015-2016: A5745
2017-2018: A3942, A10232
2019-2020: A5085

2009-A238 - Summary

Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons.

2009-A238 - Sponsor Memo

                                BILL NUMBER:A238

TITLE OF BILL:  An act to amend the banking law, in relation to includ-
ing low income credit unions in the banking development district program

PURPOSE: To include low income credit unions in the state's banking
development districts program.

SUMMARY OF PROVISIONS: The bill amends Section 96-d of the banking law
to include low-income credit unions in the banking development districts
program.

JUSTIFICATION:

Section 96-d of the Banking Law, entitled "Banking Development
Districts" (BOD's) is designed to increase access to banking services by
supporting branches in areas where there is a demonstrated need for such
services. In this way, the program aims to enable local residents and
small business owners to more easily become part of the financial main-
stream, promote economic development, and stimulate the local economy by
enhancing access to capital for local businesses.

In order to support branches in designated BOD's, the state comptroller,
public authorities or public benefit corporations of the state, the
commissioner of taxation and finance, and municipalities may deposit
public funds in these branches.

Section 96-d currently allows state and national banks, trust companies,
savings banks, savings and loan associations, and federal savings banks
to participate in the program, but omits credit unions.

By adding low-income credit unions (already defined in section 450-a of
the banking law) to the BOD program, this bill will help them to contin-
ue their historic work of providing affordable financial services to
consumers who might otherwise have difficulty accessing these services.

This bill will not require support of any particular low income credit
union by any state or municipal agency, but will merely allow low income
credit unions to be considered for such support, on par with other types
of financial institutions already included in the BOD program.

LEGISLATIVE HISTORY: 2008: A8883 (Kavanagh) - Banks 2007: A8883
(Kavanagh) - Banks

FISCAL IMPACT ON THE STATE: None.

EFFECTIVE DATE: This act shall take effect immediately, provided, howev-
er, that the amendments to paragraph (a) of subdivision 5 of section
96-d of the banking law made by section one of this act shall not affect
the repeal of such subdivision and shall be deemed to be repealed there-
with; provided further that the amendments to subdivision 3 of section
96-d of the banking law made by section two of this act shall be subject

to the expiration and reversion of such subdivision pursuant to section
4 of chapter 526 of the laws of 1998, as amended, when upon such date
the provisions of section three of this act shall take effect.

2009-A238 - Bill Text download pdf

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

                                   238

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
  tee on Banks

AN  ACT  to  amend  the banking law, in relation to including low income
  credit unions in the banking development district program

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

  Section  1.  Subdivisions 2 and 2-a and paragraph (a) of subdivision 5
of section 96-d of the banking law, subdivision 2 as  added  by  chapter
204  of  the laws of 1997, subdivision 2-a as added and paragraph (a) of
subdivision 5 as amended by chapter 328 of the laws of 1999, are amended
to read as follows:
  2. A local government, in conjunction with a bank, trust company [or],
national bank, OR LOW INCOME CREDIT UNION AS DESIGNATED BY SECTION  FOUR
HUNDRED FIFTY-A OF THIS CHAPTER, may submit an application to the super-
intendent  for  the  designation  of a banking development district. The
superintendent shall issue a determination on such an application within
sixty days of receiving such application. If an application is approved,
the superintendent shall transmit notification of such approval  to  the
local  government,  the  bank, trust company or national bank, the state
comptroller, the commissioner of taxation and finance, the  commissioner
of  the  department  of economic development, the temporary president of
the senate and the speaker of the assembly.
  2-a. Notwithstanding any other provision of law, an application may be
submitted by a local government in conjunction with a bank, trust compa-
ny [or], national bank OR LOW  INCOME  CREDIT  UNION  AS  DESIGNATED  BY
SECTION FOUR HUNDRED FIFTY-A OF THIS CHAPTER, which has already opened a
bank  branch  within  such  area,  provided such branch was opened after
December thirty-first, nineteen hundred ninety-six. In  considering  the
criteria  authorized  pursuant  to  subdivision one of this section, the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00903-01-9

A. 238                              2

superintendent shall also take into account the importance and  benefits
of preserving the banking services offered by the existing branch.
  (a)  Notwithstanding  the provisions of subdivision two of section two
hundred thirty-seven of this chapter; for the purposes of this  section,
paragraph  c  of subdivision two of section ten of the general municipal
law, subdivision six of section one hundred five of  the  state  finance
law and section four hundred eighty-five-f of the real property tax law,
any reference to a bank, trust company [or], national bank OR LOW INCOME
CREDIT UNION AS DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF THIS CHAP-
TER, shall be deemed to include a savings bank, savings and loan associ-
ation,  federal  savings  and  loan association or federal savings bank;
provided, however, that such provisions of law do not  grant  a  savings
bank, savings and loan association, federal savings and loan association
or  federal savings bank eligibility to accept municipal or public funds
or municipal or public moneys other than for the limited purposes of the
establishment of a branch in a banking development district pursuant  to
this  section.  Any  such  municipal  or public funds or moneys shall be
deposited only at the branch established pursuant to this  section,  and
any  municipal  funds  or moneys may be deposited only by the sponsoring
municipality in which the branch and banking  development  district  are
located;  provided  further  that  any such municipal or public funds or
moneys shall be subject to the same requirements which apply to  munici-
pal  or  public funds or moneys deposited in a bank, trust company [or],
national bank OR LOW INCOME CREDIT UNION AS DESIGNATED BY  SECTION  FOUR
HUNDRED  FIFTY-A  OF  THIS  CHAPTER,  and  shall  also be subject to the
provisions of section one hundred five  of  the  state  finance  law  or
section ten of the general municipal law relating to such deposits.
  S  2.  Subdivision 3 of section 96-d of the banking law, as amended by
chapter 526 of the laws of 1998, is amended to read as follows:
  3. The establishment of a branch in a banking development district  by
a  bank, trust company [or], national bank OR LOW INCOME CREDIT UNION AS
DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF  THIS  CHAPTER,  shall  be
subject  to  all  applicable state and federal laws regarding the estab-
lishment of branch offices, including  the  provisions  of  section  one
hundred  five of this article, provided however that the branch applica-
tion fee required pursuant to section twenty-nine of this chapter  shall
be  waived  for  any  such branch. A bank or trust company may submit an
application to open a branch office simultaneously with  the  submission
of  the  application  for  the  designation  of  a  banking  development
district.
  S 3. Subdivision 3 of section 96-d of the banking law, as  amended  by
chapter 204 of the laws of 1997, is amended to read as follows:
  3.  The establishment of a branch in a banking development district by
a bank, trust company [or], national bank OR LOW INCOME CREDIT UNION  AS
DESIGNATED  BY  SECTION  FOUR  HUNDRED FIFTY-A OF THIS CHAPTER, shall be
subject to all applicable state and federal laws  regarding  the  estab-
lishment  of  branch  offices,  including  the provisions of section one
hundred five of this article. A bank or  trust  company  may  submit  an
application  to  open a branch office simultaneously with the submission
of  the  application  for  the  designation  of  a  banking  development
district.
  S  4.  This act shall take effect immediately, provided, however, that
the amendments to paragraph (a) of subdivision 5 of section 96-d of  the
banking  law made by section one of this act shall not affect the repeal
of such subdivision and  shall  be  deemed  to  be  repealed  therewith;
provided further that the amendments to subdivision 3 of section 96-d of

A. 238                              3

the  banking law made by section two of this act shall be subject to the
expiration and reversion of such subdivision pursuant to  section  4  of
chapter  526  of  the  laws of 1998, as amended, when upon such date the
provisions of section three of this act shall take effect.

2009-A238A - Details

Current Committee:: Assembly Banks
Laws Affected:: Amd §96-d, Bank L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A5932
2013-2014: A1118
2015-2016: A5745
2017-2018: A3942, A10232
2019-2020: A5085

2009-A238A - Summary

Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons.

2009-A238A - Bill Text download pdf

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

                                 238--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
  tee  on Banks -- committee discharged, bill amended, ordered reprinted
  as amended and recommitted to said committee

AN ACT to amend the banking law, in relation  to  including  low  income
  credit unions in the banking development district program

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

  Section 1. Subdivisions 2 and 2-a and paragraph (a) of  subdivision  5
of  section  96-d  of the banking law, subdivision 2 as added by chapter
204 of the laws of 1997, subdivision 2-a as added and paragraph  (a)  of
subdivision 5 as amended by chapter 328 of the laws of 1999, are amended
to read as follows:
  2. A local government, in conjunction with a bank, trust company [or],
national  bank,  LOW  INCOME  CREDIT UNION AS DESIGNATED BY SECTION FOUR
HUNDRED FIFTY-A OF THIS CHAPTER, OR ANY FEDERAL CREDIT  UNION  THAT  HAS
BEEN  DESIGNATED  A LOW INCOME CREDIT UNION BY THE NATIONAL CREDIT UNION
ADMINISTRATION, may submit an application to the superintendent for  the
designation  of a banking development district. The superintendent shall
issue a determination on  such  an  application  within  sixty  days  of
receiving  such  application.  If an application is approved, the super-
intendent shall transmit notification of  such  approval  to  the  local
government,  the  bank,  trust company or national bank, the state comp-
troller, the commissioner of taxation and finance, the  commissioner  of
the  department  of economic development, the temporary president of the
senate and the speaker of the assembly.
  2-a. Notwithstanding any other provision of law, an application may be
submitted by a local government in conjunction with a bank, trust compa-
ny [or], national bank, LOW INCOME CREDIT UNION AS DESIGNATED BY SECTION
FOUR HUNDRED FIFTY-A OF THIS CHAPTER, OR ANY FEDERAL CREDIT  UNION  THAT
HAS  BEEN  DESIGNATED  A  LOW INCOME CREDIT UNION BY THE NATIONAL CREDIT

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

                                                           LBD00903-02-9

A. 238--A                           2

UNION ADMINISTRATION, which has already opened a bank branch within such
area, provided such branch was opened after December thirty-first, nine-
teen hundred ninety-six. In considering the criteria authorized pursuant
to  subdivision  one of this section, the superintendent shall also take
into account the importance  and  benefits  of  preserving  the  banking
services offered by the existing branch.
  (a)  Notwithstanding  the provisions of subdivision two of section two
hundred thirty-seven of this chapter; for the purposes of this  section,
paragraph  c  of subdivision two of section ten of the general municipal
law, subdivision six of section one hundred five of  the  state  finance
law and section four hundred eighty-five-f of the real property tax law,
any  reference  to a bank, trust company [or], national bank, LOW INCOME
CREDIT UNION AS DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF THIS CHAP-
TER, OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A  LOW  INCOME
CREDIT  UNION  BY  THE  NATIONAL  CREDIT  UNION ADMINISTRATION, shall be
deemed to include a savings bank, savings and loan association,  federal
savings and loan association or federal savings bank; provided, however,
that  such  provisions  of  law do not grant a savings bank, savings and
loan association,  federal  savings  and  loan  association  or  federal
savings  bank eligibility to accept municipal or public funds or munici-
pal or public moneys other than for the limited purposes of  the  estab-
lishment  of a branch in a banking development district pursuant to this
section. Any such municipal or public funds or moneys shall be deposited
only at the branch established pursuant to this section, and any munici-
pal funds or moneys may be deposited only by the sponsoring municipality
in which the  branch  and  banking  development  district  are  located;
provided further that any such municipal or public funds or moneys shall
be  subject  to the same requirements which apply to municipal or public
funds or moneys deposited in a bank, trust company [or], national  bank,
LOW INCOME CREDIT UNION AS DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF
THIS CHAPTER, OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A LOW
INCOME  CREDIT  UNION  BY  THE NATIONAL CREDIT UNION ADMINISTRATION, and
shall also be subject to the provisions of section one hundred  five  of
the state finance law or section ten of the general municipal law relat-
ing to such deposits.
  S  2.  Subdivision 3 of section 96-d of the banking law, as amended by
chapter 526 of the laws of 1998, is amended to read as follows:
  3. The establishment of a branch in a banking development district  by
a  bank,  trust  company [or], national bank, LOW INCOME CREDIT UNION AS
DESIGNATED BY SECTION FOUR HUNDRED  FIFTY-A  OF  THIS  CHAPTER,  OR  ANY
FEDERAL  CREDIT UNION THAT HAS BEEN DESIGNATED A LOW INCOME CREDIT UNION
BY THE NATIONAL CREDIT UNION ADMINISTRATION, shall  be  subject  to  all
applicable  state and federal laws regarding the establishment of branch
offices, including the provisions of section one hundred  five  of  this
article,  provided  however  that  the  branch  application fee required
pursuant to section twenty-nine of this chapter shall be waived for  any
such branch. A bank or trust company may submit an application to open a
branch  office simultaneously with the submission of the application for
the designation of a banking development district.
  S 3. Subdivision 3 of section 96-d of the banking law, as  amended  by
chapter 204 of the laws of 1997, is amended to read as follows:
  3.  The establishment of a branch in a banking development district by
a bank, trust company [or], national bank, LOW INCOME  CREDIT  UNION  AS
DESIGNATED  BY  SECTION  FOUR  HUNDRED  FIFTY-A  OF THIS CHAPTER, OR ANY
FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A LOW INCOME CREDIT  UNION
BY  THE  NATIONAL  CREDIT  UNION ADMINISTRATION, shall be subject to all

A. 238--A                           3

applicable state and federal laws regarding the establishment of  branch
offices,  including  the  provisions of section one hundred five of this
article. A bank or trust company may submit an  application  to  open  a
branch  office simultaneously with the submission of the application for
the designation of a banking development district.
  S 4. This act shall take effect immediately, provided,  however,  that
the  amendments to paragraph (a) of subdivision 5 of section 96-d of the
banking law made by section one of this act shall not affect the  repeal
of  such  subdivision  and  shall  be  deemed  to be repealed therewith;
provided further that the amendments to subdivision 3 of section 96-d of
the banking law made by section two of this act shall be subject to  the
expiration  and  reversion  of such subdivision pursuant to section 4 of
chapter 526 of the laws of 1998, as amended, when  upon  such  date  the
provisions of section three of this act shall take effect.

2009-A238B - Details

Current Committee:: Assembly Banks
Laws Affected:: Amd §96-d, Bank L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A5932
2013-2014: A1118
2015-2016: A5745
2017-2018: A3942, A10232
2019-2020: A5085

2009-A238B - Summary

Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons.

2009-A238B - Sponsor Memo

                                BILL NUMBER:A238B

TITLE  OF BILL:  An act to amend the banking law, in relation to includ-
ing low income credit unions in the banking development district program

PURPOSE OF BILL: To include low-income  credit  unions  in  the  state's
banking development districts program.

SUMMARY  OF  PROVISIONS: The bill amends Section 96-d of the banking law
to include credit unions that have  been  designated  low-income  credit
unions  by the State or the National Credit Union Administration, in the
banking development districts program.

JUSTIFICATION: Section 96-d of the Banking Law, entitled "Banking Devel-
opment Districts" (BDD's) is designed  to  increase  access  to  banking
services  by  supporting branches in areas where there is a demonstrated
need for such services. In this way, the program aims  to  enable  local
residents  and  small  business owners to more easily become part of the
financial mainstream, promote economic development,  and  stimulate  the
local economy by enhancing access to capital for local businesses.

In order to support branches in designated BDD's, the state comptroller,
public  authorities  or  public  benefit  corporations of the state, the
commissioner of taxation and finance,  and  municipalities  may  deposit
public funds in these branches.

Section 96-d currently allows state and national banks, trust companies,
savings  banks, savings and loan associations, and federal savings banks
to participate in the program, but omits credit unions.

By adding state low-income credit unions  (already  defined  in  section
450-a  of the banking law), and any federal credit union designated low-
income by the National Credit Union Administration, to the BDD  program,
this  bill  will  help them to continue their historic work of providing
affordable financial services to  consumers  who  might  otherwise  have
difficulty accessing these services.

This  bill  will not require support of any particular low-income credit
union by any state or municipal agency, but will merely allow state  and
federal  low-income  credit unions to be considered for such support, on
par with other types of financial institutions already included  in  the
BDD program.

LEGISLATIVE HISTORY:
2008: A8883 (Kavanagh) - Banks
2007: A8883 (Kavanagh) - Banks

FISCAL IMPACT ON THE STATE: None.

EFFECTIVE DATE: This act shall take effect immediately, provided, howev-
er, that the amendments subdivision 5 of section 96-d of the banking law

made  by  section  one  of  this act shall not affect the repeal of such
subdivision and shall be deemed to be repealed therewith.

2009-A238B - Bill Text download pdf

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

                                 238--B

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
  tee  on Banks -- committee discharged, bill amended, ordered reprinted
  as amended and recommitted to said committee --  again  reported  from
  said  committee  with  amendments,  ordered  reprinted  as amended and
  recommitted to said committee

AN ACT to amend the banking law, in relation  to  including  low  income
  credit unions in the banking development district program

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

  Section 1. Subdivision 5 of section 96-d of the banking law, as  added
by chapter 526 of the laws of 1998, is amended to read as follows:
  5.  (a)  Notwithstanding  the provisions of subdivision two of section
two hundred thirty-seven of this  chapter;  for  the  purposes  of  this
section,  paragraph  c  of subdivision two of section ten of the general
municipal law, subdivision six of section one hundred five of the  state
finance  law and section four hundred eighty-five-f of the real property
tax law, any reference to a bank, trust company or national  bank  shall
be  deemed  to  include  a  savings  bank, savings and loan association,
federal savings and loan association or federal savings bank OR ANY  LOW
INCOME  CREDIT  UNION  AS  DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF
THIS CHAPTER OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A  LOW
INCOME  CREDIT  UNION  BY  THE  NATIONAL  CREDIT  UNION  ADMINISTRATION;
provided, however, that such provisions of law do not  grant  a  savings
bank, savings and loan association, federal savings and loan association
or  federal savings bank OR ANY LOW INCOME CREDIT UNION AS DESIGNATED BY
SECTION FOUR HUNDRED FIFTY-A OF THIS CHAPTER OR ANY FEDERAL CREDIT UNION
THAT HAS BEEN DESIGNATED A LOW INCOME CREDIT UNION BY THE NATIONAL CRED-
IT UNION ADMINISTRATION eligibility to accept municipal or public  funds
or municipal or public moneys other than for the limited purposes of the
establishment  of a branch in a banking development district pursuant to

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

                                                           LBD00903-05-9

A. 238--B                           2

this section. Any such municipal or public  funds  or  moneys  shall  be
deposited  only  at the branch established pursuant to this section, and
any municipal funds or moneys may be deposited only  by  the  sponsoring
municipality  in  which  the branch and banking development district are
located; provided further that any such municipal  or  public  funds  or
moneys  shall be subject to the same requirements which apply to munici-
pal or public funds or moneys deposited in  a  bank,  trust  company  or
national bank and shall also be subject to the provisions of section one
hundred  five  of  the  state  finance law or section ten of the general
municipal law relating to such deposits.
  (b) Notwithstanding any other provision  of  law,  the  banking  board
shall promulgate rules and regulations to authorize the participation of
savings  banks, savings and loan associations, federal savings banks and
federal savings and loan associations OR ANY LOW INCOME CREDIT UNION  AS
DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF THIS CHAPTER OR ANY FEDER-
AL  CREDIT  UNION  THAT HAS BEEN DESIGNATED A LOW INCOME CREDIT UNION BY
THE NATIONAL CREDIT UNION  ADMINISTRATION  in  the  program  established
pursuant to this section.
  S  2.  This act shall take effect immediately, provided, however, that
the amendments to subdivision 5 of section 96-d of the banking law  made
by  section one of this act shall not affect the repeal of such subdivi-
sion and shall be deemed to be repealed therewith.

2009-A238C (ACTIVE) - Details

Current Committee:: Assembly Banks
Laws Affected:: Amd §96-d, Bank L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A5932
2013-2014: A1118
2015-2016: A5745
2017-2018: A3942, A10232
2019-2020: A5085

2009-A238C (ACTIVE) - Summary

Provides for the inclusion of low income credit unions in the banking development district program in cities having a population of one million or more persons.

2009-A238C (ACTIVE) - Sponsor Memo

2009-A238C (ACTIVE) - Bill Text download pdf

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

                                 238--C

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by M. of A. KAVANAGH -- read once and referred to the Commit-
  tee  on Banks -- committee discharged, bill amended, ordered reprinted
  as amended and recommitted to said committee --  again  reported  from
  said  committee  with  amendments,  ordered  reprinted  as amended and
  recommitted to said committee -- recommitted to the Committee on Banks
  in accordance with Assembly Rule 3, sec. 2  --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee

AN ACT to amend the banking law, in relation  to  including  low  income
  credit unions in the banking development district program

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

  Section 1. Subdivision 5 of section 96-d of the banking law, as  added
by  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
328 of the laws of 1999, is amended to read as follows:
  5. (a) Notwithstanding the provisions of subdivision  two  of  section
two  hundred  thirty-seven  of  this  chapter;  for the purposes of this
section, paragraph c of subdivision two of section ten  of  the  general
municipal  law, subdivision six of section one hundred five of the state
finance law and section four hundred eighty-five-f of the real  property
tax  law,  any reference to a bank, trust company or national bank shall
be deemed to include a  savings  bank,  savings  and  loan  association,
federal  savings  and  loan  association  or federal savings bank OR, IN
CITIES HAVING A POPULATION OF ONE  MILLION  OR  MORE  PERSONS,  ANY  LOW
INCOME  CREDIT  UNION  AS  DESIGNATED BY SECTION FOUR HUNDRED FIFTY-A OF
THIS CHAPTER OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A  LOW
INCOME  CREDIT  UNION  BY  THE  NATIONAL  CREDIT  UNION  ADMINISTRATION;
provided, however, that such provisions of law do not  grant  a  savings
bank, savings and loan association, federal savings and loan association
or federal savings bank OR, IN CITIES HAVING A POPULATION OF ONE MILLION

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

                                                           LBD00903-11-0

A. 238--C                           2

OR  MORE  PERSONS,  ANY LOW INCOME CREDIT UNION AS DESIGNATED BY SECTION
FOUR HUNDRED FIFTY-A OF THIS CHAPTER OR ANY FEDERAL  CREDIT  UNION  THAT
HAS  BEEN  DESIGNATED  A  LOW INCOME CREDIT UNION BY THE NATIONAL CREDIT
UNION  ADMINISTRATION eligibility to accept municipal or public funds or
municipal or public moneys other than for the limited  purposes  of  the
establishment  of a branch in a banking development district pursuant to
this section. Any such municipal or public  funds  or  moneys  shall  be
deposited  only  at the branch established pursuant to this section, and
any municipal funds or moneys may be deposited only  by  the  sponsoring
municipality  in  which  the branch and banking development district are
located; provided further that any such municipal  or  public  funds  or
moneys  shall be subject to the same requirements which apply to munici-
pal or public funds or moneys deposited in  a  bank,  trust  company  or
national bank and shall also be subject to the provisions of section one
hundred  five  of  the  state  finance law or section ten of the general
municipal law relating to such deposits.
  (b) Notwithstanding any other provision  of  law,  the  banking  board
shall promulgate rules and regulations to authorize the participation of
savings  banks, savings and loan associations, federal savings banks and
federal savings and loan associations OR, IN CITIES HAVING A  POPULATION
OF  ONE  MILLION  OR MORE PERSONS, ANY LOW INCOME CREDIT UNION AS DESIG-
NATED BY SECTION FOUR HUNDRED FIFTY-A OF THIS  CHAPTER  OR  ANY  FEDERAL
CREDIT  UNION  THAT HAS BEEN DESIGNATED A LOW INCOME CREDIT UNION BY THE
NATIONAL CREDIT UNION ADMINISTRATION in the program established pursuant
to this section.
  S 2. This act shall take effect immediately, provided,  however,  that
the  amendments to subdivision 5 of section 96-d of the banking law made
by section one of this act shall not affect the repeal of such  subdivi-
sion and shall be deemed repealed therewith.

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Archive: Last Bill Status - In Assembly Committee

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