senate Bill S4612A

Signed By Governor
2011-2012 Legislative Session

Relates to the exercise of federally permitted powers by a state chartered banking institution

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A8156 - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 17, 2011 signed chap.448
Aug 05, 2011 delivered to governor
Jun 15, 2011 returned to assembly
passed senate
3rd reading cal.1059
substituted for s4612a
Jun 15, 2011 substituted by a8156
Jun 14, 2011 advanced to third reading
Jun 13, 2011 2nd report cal.
Jun 07, 2011 1st report cal.1059
Jun 02, 2011 print number 4612a
amend and recommit to banks
Apr 13, 2011 referred to banks

Co-Sponsors

S4612 - Details

See Assembly Version of this Bill:
A8156
Law Section:
Banking Law
Laws Affected:
Amd §12-a, Bank L

S4612 - Summary

Relates to the exercise of federally permitted powers by a state chartered banking institution; requires a banking institution to make an application with one or more state chartered banking institutions to the superintendent indicating intent to exercise the federally permitted power and the basis for doing so.

S4612 - Sponsor Memo

S4612 - Bill Text download pdf

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

                                  4612

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 13, 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 the exercise  of  feder-
  ally permitted powers by a state chartered banking institution

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

  Section 1. Subdivision 3 of  section  12-a  of  the  banking  law,  as
amended  by  section  88 of part A of chapter 62 of the laws of 2011, is
amended to read as follows:
  3. Except with respect to a federally permitted power approved  pursu-
ant  to  subdivision  four of this section, prior to any state chartered
banking institution initially exercising any federally  permitted  power
pursuant  to this section, such banking institution shall make an appli-
cation individually or with one or more state chartered  banking  insti-
tutions to the superintendent indicating that such institution or insti-
tutions  intend to exercise such federally permitted power and the basis
on which such institution or institutions believe such power is a feder-
ally permitted power.   If such application meets  the  requirements  of
this  section,  the  superintendent  shall,  WITHIN FOURTEEN DAYS OF ITS
RECEIPT, post such application upon the bulletin board of the department
pursuant to section forty-two of this article. After promptly  reviewing
such  application,  the  superintendent shall determine, consistent with
the standards set forth in subdivision five of this section, whether  to
approve  such  application  subject  to such terms and conditions as the
superintendent  may  deem  appropriate,  in  the  superintendent's  sole
discretion.  Such  determination,  shall  be  made by the superintendent
within forty-five days after the posting  of  such  application  by  the
superintendent,  provided however that the superintendent may notify the
applicant or applicants that the review  of  the  application  shall  be
extended  for  an  additional  period  of time not exceeding one hundred
twenty days after the posting of such application, and provided  further

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10810-01-1

Co-Sponsors

S4612A (ACTIVE) - Details

See Assembly Version of this Bill:
A8156
Law Section:
Banking Law
Laws Affected:
Amd §12-a, Bank L

S4612A (ACTIVE) - Summary

Relates to the exercise of federally permitted powers by a state chartered banking institution; requires a banking institution to make an application with one or more state chartered banking institutions to the superintendent indicating intent to exercise the federally permitted power and the basis for doing so.

S4612A (ACTIVE) - Sponsor Memo

S4612A (ACTIVE) - Bill Text download pdf

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

                                 4612--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 13, 2011
                               ___________

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

AN ACT to amend the banking law, in relation to the exercise  of  feder-
  ally permitted powers by a state chartered banking institution

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

  Section 1. Subdivision 3 of  section  12-a  of  the  banking  law,  as
amended  by  section  88 of part A of chapter 62 of the laws of 2011, is
amended to read as follows:
  3. Except with respect to a federally permitted power approved  pursu-
ant  to  subdivision  four of this section, prior to any state chartered
banking institution initially exercising any federally  permitted  power
pursuant  to this section, such banking institution shall make an appli-
cation individually or with one or more state chartered  banking  insti-
tutions to the superintendent indicating that such institution or insti-
tutions  intend to exercise such federally permitted power and the basis
on which such institution or institutions believe such power is a feder-
ally permitted power.  THE SUPERINTENDENT SHALL HAVE ONE HUNDRED  TWENTY
DAYS  FROM  RECEIPT OF THE APPLICATION TO DETERMINE WHETHER IT MEETS THE
REQUIREMENTS OF THIS SECTION, PROVIDED THAT SUCH PERIOD MAY BE  EXTENDED
FOR  AN ADDITIONAL PERIOD OF TIME WITH THE WRITTEN CONSENT OF THE APPLI-
CANT OR APPLICANTS. If such application meets the requirements  of  this
section,  the superintendent shall post such application upon the bulle-
tin board of the department pursuant to section forty-two of this  arti-
cle.  [After  promptly reviewing such application, the] IF SUCH APPLICA-
TION DOES NOT MEET THE REQUIREMENTS OF THIS SECTION, THE  SUPERINTENDENT
SHALL,  WITHIN  TEN  DAYS OF SUCH DETERMINATION, NOTIFY THE APPLICANT OR
APPLICANTS OF THE REASONS WHY THE APPLICATION FAILS TO MEET THE REQUIRE-
MENTS. THE superintendent shall determine, consistent with the standards

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10810-02-1

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