|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 06, 2010||referred to banks|
|Apr 27, 2009||referred to banks|
senate Bill S4873
Archive: Last Bill Status - In Senate Committee Banks Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4873 (ACTIVE) - Details
S4873 (ACTIVE) - Summary
Includes 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); directs the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; and 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.
S4873 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4873 TITLE OF BILL : An act to amend the banking law, in relation to including credit unions and federal credit unions within provisions regarding banking development district program and providing for the repeal of certain provisions upon expiration thereof PURPOSE : To enable state-chartered credit unions and federal credit unions to participate in the Banking Development District Program. SUMMARY OF PROVISIONS : Section 1 amends subdivision 5 of section 96-d of the banking law to include credit unions and federal credit unions in the Banking Development District Program. Section 2 amends Section 451(2) of the banking law to state that, for the purposes of section 96-d of this chapter, the 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 as determined by the superintendent. EXISTING LAW : Currently, only commercial banks, trust companies, savings banks and
S4873 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4873 2009-2010 Regular Sessions I N S E N A T E April 27, 2009 ___________ Introduced by Sen. FOLEY -- 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 including credit unions and federal credit unions within provisions regarding banking develop- ment district program and providing for the repeal of certain provisions upon expiration thereof 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, CREDIT UNION OR FEDERAL CREDIT UNION; provided, however, that such provisions of law do not grant a savings bank, savings and loan association, feder- al savings and loan association [or], federal savings bank, A CREDIT UNION OR A FEDERAL CREDIT UNION 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00311-01-9
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