|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to banks|
|Jan 05, 2011||referred to banks|
senate Bill S34
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S34 - Details
S34 - 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.
S34 - Sponsor Memo
BILL NUMBER:S34 TITLE OF BILL: An act to amend the banking law, in relation to including 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 in cities with a population of one million or more. 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 in the City of New York. JUSTIFICATION: Section 96-d of the Banking Law, entitled "Banking Development 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.
S34 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 34 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sens. SQUADRON, ADAMS, HASSELL-THOMPSON, KRUEGER, SAMPSON, SERRANO, STAVISKY -- 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 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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