senate Bill S6952A

2011-2012 Legislative Session

Relates to the preservation of books and records of banking institutions

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2012 referred to banks
delivered to assembly
passed senate
Jun 04, 2012 amended on third reading 6952a
May 31, 2012 advanced to third reading
May 30, 2012 2nd report cal.
May 23, 2012 1st report cal.899
Apr 16, 2012 referred to banks

S6952 - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Add §36-b, amd §§75-g & 576, Bank L

S6952 - Summary

Provides that requirements relating to the preservation of certain banking records may be satisfied by maintenance of original papers or other records, photographic reproductions, or records stored in electronic storage media.

S6952 - Sponsor Memo

S6952 - Bill Text download pdf

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

                                  6952

                            I N  S E N A T E

                             April 16, 2012
                               ___________

Introduced  by  Sen.  FARLEY -- 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 electronic  preservation
  of banking records

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

  Section 1. The banking law is amended by adding a new section 36-b  to
read as follows:
  S  36-B. PRESERVATION OF BOOKS AND RECORDS. WHEN ANY PROVISION OF THIS
CHAPTER OR ANY RULE OR REGULATION ADOPTED PURSUANT THERETO REQUIRES THAT
BOOKS AND RECORDS BE PRESERVED, SUCH REQUIREMENT  MAY  BE  SATISFIED  BY
MAINTENANCE  OF  ORIGINAL  PAPERS OR OTHER RECORDS, PHOTOGRAPHIC REPROD-
UCTIONS, OR RECORDS STORED IN ELECTRONIC STORAGE MEDIA. AS USED IN  THIS
CHAPTER,  "ELECTRONIC STORAGE MEDIA" MEANS ANY DIGITAL STORAGE MEDIUM OR
SYSTEM THAT MEETS THE FOLLOWING CONDITIONS:
  1. IT MUST PRESERVE THE RECORDS EXCLUSIVELY IN NON-REWRITABLE, NON-ER-
ASABLE FORMAT;
  2. IT MUST VERIFY AUTOMATICALLY THE QUALITY AND ACCURACY OF THE  STOR-
AGE MEDIA RECORDING PROCESS;
  3.  IT  MUST HAVE THE CAPACITY TO READILY DOWNLOAD INDEXES AND RECORDS
PRESERVED ON THE ELECTRONIC STORAGE MEDIA TO ANY  MEDIUM  ACCEPTABLE  TO
THE SUPERINTENDENT; AND
  4. IT MUST BE IMMEDIATELY READABLE ON EQUIPMENT AT ALL TIMES AVAILABLE
TO THE SUPERINTENDENT FOR EXAMINATION OF SUCH RECORDS.
  S  2. This   act shall take effect on the ninetieth day after it shall
have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15325-01-2

S6952A (ACTIVE) - Details

Current Committee:
Law Section:
Banking Law
Laws Affected:
Add §36-b, amd §§75-g & 576, Bank L

S6952A (ACTIVE) - Summary

Provides that requirements relating to the preservation of certain banking records may be satisfied by maintenance of original papers or other records, photographic reproductions, or records stored in electronic storage media.

S6952A (ACTIVE) - Sponsor Memo

S6952A (ACTIVE) - Bill Text download pdf

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

                                 6952--A
    Cal. No. 899

                            I N  S E N A T E

                             April 16, 2012
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks -- reported  favora-
  bly  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, in relation to electronic  preservation
  of banking records

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

  Section 1. The banking law is amended by adding a new section 36-b  to
read as follows:
  S  36-B. PRESERVATION OF BOOKS AND RECORDS. WHEN ANY PROVISION OF THIS
CHAPTER OR ANY RULE OR REGULATION ADOPTED PURSUANT THERETO REQUIRES THAT
BOOKS AND RECORDS BE PRESERVED, SUCH REQUIREMENT  MAY  BE  SATISFIED  BY
MAINTENANCE  OF  ORIGINAL  PAPERS OR OTHER RECORDS, PHOTOGRAPHIC REPROD-
UCTIONS, OR RECORDS STORED IN ELECTRONIC STORAGE MEDIA. AS USED IN  THIS
CHAPTER,  "ELECTRONIC STORAGE MEDIA" MEANS ANY DIGITAL STORAGE MEDIUM OR
SYSTEM THAT MEETS THE FOLLOWING CONDITIONS:
  1. IT MUST PRESERVE THE RECORDS EXCLUSIVELY IN NON-REWRITABLE, NON-ER-
ASABLE FORMAT;
  2. IT MUST VERIFY AUTOMATICALLY THE QUALITY AND ACCURACY OF THE  STOR-
AGE MEDIA RECORDING PROCESS;
  3.  IT  MUST HAVE THE CAPACITY TO READILY DOWNLOAD INDEXES AND RECORDS
PRESERVED ON THE ELECTRONIC STORAGE MEDIA TO ANY  MEDIUM  ACCEPTABLE  TO
THE SUPERINTENDENT; AND
  4. IT MUST BE IMMEDIATELY READABLE ON EQUIPMENT AT ALL TIMES AVAILABLE
TO THE SUPERINTENDENT FOR EXAMINATION OF SUCH RECORDS.
  S  2.  Subdivision  1  of section 75-g of the banking law, as added by
chapter 9 of the laws of 1996 and as designated by section 4-a of part A
of chapter 57 of the laws of 1998, is amended to read as follows:
  1. Within one year after the effective date of this article, and  each
year thereafter, every banking institution which has an automated teller
machine  facility which is in operation on such date and such date every
year thereafter shall submit a written report to  the  department  on  a

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

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