senate Bill S3654A

2011-2012 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

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Archive: Last Bill Status - In Senate 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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 19, 2012 print number 3654a
amend and recommit to banks
Jan 04, 2012 referred to banks
Feb 28, 2011 referred to banks

S3654 - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §§96-d & 451, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S4873

S3654 - 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.

S3654 - Sponsor Memo

S3654 - Bill Text download pdf

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

                                  3654

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 28, 2011
                               ___________

Introduced  by  Sen.  SMITH  -- 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.
                                                           LBD04666-01-1

S3654A (ACTIVE) - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd §§96-d & 451, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S4873

S3654A (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.

S3654A (ACTIVE) - Sponsor Memo

S3654A (ACTIVE) - Bill Text download pdf

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

                                 3654--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 28, 2011
                               ___________

Introduced  by  Sen.  SMITH  -- 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 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 and paragraph (b) as further amended by  section
104  of  part A of chapter 62 of the laws of 2011, 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04666-02-2

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