senate Bill S6738A

Signed By Governor
2011-2012 Legislative Session

Relates to the consolidation of the bank and insurance departments; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9820 - 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 (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 18, 2012 signed chap.155
Jul 06, 2012 delivered to governor
Jun 21, 2012 returned to assembly
passed senate
3rd reading cal.476
substituted for s6738a
Jun 21, 2012 substituted by a9820a
Jun 04, 2012 amended on third reading 6738a
Mar 30, 2012 advanced to third reading
Mar 29, 2012 2nd report cal.
Mar 28, 2012 1st report cal.476
Mar 15, 2012 referred to banks

Co-Sponsors

S6738 - Details

See Assembly Version of this Bill:
A9820A
Law Section:
Banking Law
Laws Affected:
Amd Various Laws, generally

S6738 - Summary

Relates to the consolidation of the bank and insurance departments.

S6738 - Sponsor Memo

S6738 - Bill Text download pdf

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

                                  6738

                            I N  S E N A T E

                             March 15, 2012
                               ___________

Introduced  by  Sens. SEWARD, GRIFFO -- (at request of the Department of
  Financial Services) -- read twice and ordered printed, and when print-
  ed to be committed to the Committee on Banks

AN ACT to amend the banking law, the business corporation law, the civil
  practice law and rules, the education  law,  the  executive  law,  the
  general municipal law, the insurance law, the limited liability compa-
  ny  law,  the not-for-profit corporation law, the partnership law, the
  personal property law, the private housing  finance  law,  the  public
  authorities  law,  the public health law, the public officers law, the
  real property law, the real property actions and proceedings law,  the
  real  property  tax  law and the state finance law, in relation to the
  consolidation of the banking and insurance departments; and to  repeal
  certain  provisions of the real property law and the defense emergency
  act of 1951, relating thereto

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

  Section  1. Paragraph (c) of subdivision 2 of section 6-k of the bank-
ing law, as added by chapter 563 of the laws  of  1992  and  as  further
amended  by  section 104 of part A of chapter 62 of the laws of 2011, is
amended to read as follows:
  (c) Every mortgage investing institution shall deposit  funds  from  a
real  property  insurance  escrow  account  of  a mortgagor in a banking
institution whose deposits are insured by a federal agency or a licensed
branch of a foreign banking corporation whose deposits are insured by  a
federal  agency. Notwithstanding the foregoing provisions of this subdi-
vision, the  superintendent  [of  financial  services]  shall  have  the
power[,  by  a three-fifths vote of all its members,] to exempt from the
requirements of this subdivision any banking organization which does not
receive deposits or share accounts from the general public.
  S 2. Subdivisions 2, 3, 4 and 5 of section 14-a of the banking law, as
added by chapter 883 of the  laws  of  1980  and  such  subdivisions  as
further  amended  by  section 104 of part A of chapter 62 of the laws of
2011, are amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14494-03-2

Co-Sponsors

S6738A (ACTIVE) - Details

See Assembly Version of this Bill:
A9820A
Law Section:
Banking Law
Laws Affected:
Amd Various Laws, generally

S6738A (ACTIVE) - Summary

Relates to the consolidation of the bank and insurance departments.

S6738A (ACTIVE) - Sponsor Memo

S6738A (ACTIVE) - Bill Text download pdf

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

                                 6738--A
    Cal. No. 476

                            I N  S E N A T E

                             March 15, 2012
                               ___________

Introduced  by  Sens. SEWARD, GRIFFO -- (at request of the Department of
  Financial Services) -- read twice and ordered printed, and when print-
  ed to be committed to the Committee on  Banks  --  reported  favorably
  from  said committee, ordered to first and second report, ordered to a
  third reading, amended and ordered reprinted, retaining its  place  in
  the order of third reading

AN ACT to amend the banking law, the business corporation law, the civil
  practice  law  and  rules,  the  education law, the executive law, the
  general municipal law, the insurance law, the limited liability compa-
  ny law, the not-for-profit corporation law, the partnership  law,  the
  personal  property  law,  the  private housing finance law, the public
  authorities law, the public health law, the public officers  law,  the
  real  property law, the real property actions and proceedings law, the
  real property tax law and the state finance law, in  relation  to  the
  consolidation  of the banking and insurance departments; and to repeal
  certain provisions of the real property law and the defense  emergency
  act of 1951, relating thereto

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

  Section 1. Paragraph (c) of subdivision 2 of section 6-k of the  bank-
ing  law,  as  added  by  chapter 563 of the laws of 1992 and as further
amended by section 104 of part A of chapter 62 of the laws of  2011,  is
amended to read as follows:
  (c)  Every  mortgage  investing institution shall deposit funds from a
real property insurance escrow account  of  a  mortgagor  in  a  banking
institution whose deposits are insured by a federal agency or a licensed
branch  of a foreign banking corporation whose deposits are insured by a
federal agency. Notwithstanding the foregoing provisions of this  subdi-
vision,  the  superintendent  [of  financial  services]  shall  have the
power[, by a three-fifths vote of all its members,] to exempt  from  the
requirements of this subdivision any banking organization which does not
receive deposits or share accounts from the general public.
  S 2. Subdivisions 2, 3, 4 and 5 of section 14-a of the banking law, as
added  by  chapter  883  of  the  laws  of 1980 and such subdivisions as

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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