senate Bill S4873

2009-2010 Legislative Session

Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for purpose of banking development district program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2010 referred to banks
Apr 27, 2009 referred to banks

S4873 (ACTIVE) - Details

See Assembly Version of this Bill:
A168
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยงยง96-d & 451, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3654, A4037, A1680
2013-2014: S3569, A4555

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

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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