senate Bill S4567C

2011-2012 Legislative Session

Relates to credit union memberships and membership powers

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Archive: Last Bill Status -


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

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 23, 2012 reported and committed to finance
May 16, 2012 print number 4567c
amend and recommit to banks
Apr 27, 2012 print number 4567b
amend (t) and recommit to banks
Feb 21, 2012 print number 4567a
amend (t) and recommit to banks
Jan 04, 2012 referred to banks
Apr 12, 2011 referred to banks

Votes

view votes

May 23, 2012 - Banks committee Vote

S4567C
13
1
committee
13
Aye
1
Nay
5
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Co-Sponsors

S4567 - Details

See Assembly Version of this Bill:
A8145C
Law Section:
Banking Law
Laws Affected:
Amd §§451 & 454, add §451-a, Bank L

S4567 - Summary

Relates to credit union memberships and membership powers; sets forth the qualifications for membership in a credit union; and amends the powers of credit unions in relation to business loans, investment activities and other powers.

S4567 - Sponsor Memo

S4567 - Bill Text download pdf

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

                                  4567

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 12, 2011
                               ___________

Introduced  by  Sen.  GRIFFO -- 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 credit union memberships
  and general powers

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

  Section  1.  Subdivisions 3 and 5 of section 450-a of the banking law,
as added by chapter 214 of the laws of 1999,  are  amended  to  read  as
follows:
  3.  Notwithstanding  any other provision of this article, a low income
credit union may issue shares, share drafts and  share  certificates  to
nonmembers  who  or which may be natural persons, corporations, partner-
ships or other legal entities. A BRANCH OF A  LOW  INCOME  CREDIT  UNION
LOCATED IN A LOW INCOME AREA SHALL BE EXEMPT FROM TAXATION UNDER SECTION
FOUR HUNDRED EIGHTY-FIVE-F OF THE REAL PROPERTY TAX LAW.
  5.  As  used in this section, the term "low income credit union" shall
mean a credit union in which a majority of [the members] A  WELL-DEFINED
SEGMENT  OF  MEMBERS TO BE SERVED:  (a) make less than eighty percent of
the average for all wage earners as established by the bureau  of  labor
statistics  of  the  United  States  department  of labor or have annual
household incomes that fall at or below eighty  percent  of  the  median
household  income  for  the  nation  as established by the United States
census bureau; or (b) are residents of  a  public  housing  project  who
qualify  for  such  residency  because  of low income; or (c) qualify to
receive benefits from any program designed to  assist  the  economically
disadvantaged.  The banking board may promulgate regulations appropriate
to the formation and operation of low income credit unions.
  S 2. Subdivision 2 of section 451 of the banking law,  as  amended  by
chapter 660 of the laws of 2004, is amended to read as follows:
  2. The qualifications for membership.
  [(a) Membership shall be limited to:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10800-01-1

Co-Sponsors

S4567A - Details

See Assembly Version of this Bill:
A8145C
Law Section:
Banking Law
Laws Affected:
Amd §§451 & 454, add §451-a, Bank L

S4567A - Summary

Relates to credit union memberships and membership powers; sets forth the qualifications for membership in a credit union; and amends the powers of credit unions in relation to business loans, investment activities and other powers.

S4567A - Sponsor Memo

S4567A - Bill Text download pdf

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

                                 4567--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 12, 2011
                               ___________

Introduced  by  Sens.  GRIFFO, AVELLA -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks  --  recom-
  mitted  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 and the insurance law, in relation to
  credit union memberships and general powers

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

  Section  1.  Subdivisions 3 and 5 of section 450-a of the banking law,
as added by chapter 214 of the laws of 1999, subdivision  5  as  further
amended  by section 104 of part A of chapter 62 of the laws of 2011, are
amended to read as follows:
  3. Notwithstanding any other provision of this article, a  low  income
credit  union  may  issue shares, share drafts and share certificates to
nonmembers who or which may be natural persons,  corporations,  partner-
ships  or  other  legal  entities. A BRANCH OF A LOW INCOME CREDIT UNION
LOCATED IN A LOW INCOME AREA SHALL BE EXEMPT FROM TAXATION UNDER SECTION
FOUR HUNDRED EIGHTY-FIVE-F OF THE REAL PROPERTY TAX LAW.
  5. As used in this section, the term "low income credit  union"  shall
mean  a credit union in which a majority of [the members] A WELL-DEFINED
SEGMENT OF MEMBERS TO BE SERVED:  (a) make less than eighty  percent  of
the  average  for all wage earners as established by the bureau of labor
statistics of the United States  department  of  labor  or  have  annual
household  incomes  that  fall  at or below eighty percent of the median
household income for the nation as  established  by  the  United  States
census  bureau;  or  (b)  are  residents of a public housing project who
qualify for such residency because of low  income;  or  (c)  qualify  to
receive  benefits  from  any program designed to assist the economically
disadvantaged. The superintendent of financial services  may  promulgate

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10800-02-2

Co-Sponsors

S4567B - Details

See Assembly Version of this Bill:
A8145C
Law Section:
Banking Law
Laws Affected:
Amd §§451 & 454, add §451-a, Bank L

S4567B - Summary

Relates to credit union memberships and membership powers; sets forth the qualifications for membership in a credit union; and amends the powers of credit unions in relation to business loans, investment activities and other powers.

S4567B - Sponsor Memo

S4567B - Bill Text download pdf

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

                                 4567--B

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 12, 2011
                               ___________

Introduced  by  Sens.  GRIFFO, AVELLA -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks  --  recom-
  mitted  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 -- committee discharged,
  bill amended, ordered reprinted as amended  and  recommitted  to  said
  committee

AN ACT to amend the banking law, in relation to credit union memberships
  and general powers

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

  Section 1.   Subdivision 2 of section  451  of  the  banking  law,  as
amended  by  chapter  660  of  the  laws  of 2004, is amended to read as
follows:
  2. The qualifications for membership.
  [(a) Membership shall be limited to:
  (1) persons having a common employer;
  (2) persons and organizations who  are  members  of  the  same  trade,
industry, profession, club, union, society or other association;
  (3)  in  the case of a credit union incorporated under this chapter as
of the effective date of this subdivision, and with the approval of  the
superintendent,  which  approval  shall  not  be  given  if  it would be
destructive of competition within a municipality, more than  one  common
employer;  provided,  however,  that  an employer group with under three
thousand employees may be added upon receipt of a notice as provided  in
subdivision two of section four hundred seventy-eight of this article;
  (4)  with  the  approval  of  the  superintendent,  and subject to the
provisions of paragraph (b) of this subdivision,  more  than  one  group
each  of  which  has,  within  the  group,  a common bond of occupation,
including a common employer, or association; provided, however,  that  a
group  of  less  than three thousand members, which is within reasonable

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10800-07-2

Co-Sponsors

S4567C (ACTIVE) - Details

See Assembly Version of this Bill:
A8145C
Law Section:
Banking Law
Laws Affected:
Amd §§451 & 454, add §451-a, Bank L

S4567C (ACTIVE) - Summary

Relates to credit union memberships and membership powers; sets forth the qualifications for membership in a credit union; and amends the powers of credit unions in relation to business loans, investment activities and other powers.

S4567C (ACTIVE) - Sponsor Memo

S4567C (ACTIVE) - Bill Text download pdf

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

                                 4567--C

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 12, 2011
                               ___________

Introduced  by  Sens.  GRIFFO, AVELLA -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks  --  recom-
  mitted  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 -- committee discharged,
  bill amended, ordered reprinted as amended  and  recommitted  to  said
  committee  -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the banking law, in relation to credit union memberships
  and general powers

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

  Section  1.    Subdivision  2  of  section  451 of the banking law, as
amended by chapter 660 of the laws  of  2004,  is  amended  to  read  as
follows:
  2. The qualifications for membership.
  [(a) Membership shall be limited to:
  (1) persons having a common employer;
  (2)  persons  and  organizations  who  are  members of the same trade,
industry, profession, club, union, society or other association;
  (3) in the case of a credit union incorporated under this  chapter  as
of  the effective date of this subdivision, and with the approval of the
superintendent, which approval  shall  not  be  given  if  it  would  be
destructive  of  competition within a municipality, more than one common
employer; provided, however, that an employer  group  with  under  three
thousand  employees may be added upon receipt of a notice as provided in
subdivision two of section four hundred seventy-eight of this article;
  (4) with the approval  of  the  superintendent,  and  subject  to  the
provisions  of  paragraph  (b)  of this subdivision, more than one group
each of which has, within  the  group,  a  common  bond  of  occupation,
including  a  common employer, or association; provided, however, that a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10800-08-2

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