Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 17, 2012 |
referred to banks delivered to assembly passed senate |
Mar 30, 2012 |
advanced to third reading |
Mar 29, 2012 |
2nd report cal. |
Mar 28, 2012 |
1st report cal.474 |
Jan 04, 2012 |
referred to banks returned to senate died in assembly |
May 16, 2011 |
referred to banks delivered to assembly passed senate |
Apr 12, 2011 |
amended on third reading 4193a |
Apr 04, 2011 |
advanced to third reading |
Mar 31, 2011 |
2nd report cal. |
Mar 30, 2011 |
1st report cal.282 |
Mar 23, 2011 |
referred to banks |
Senate Bill S4193
2011-2012 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
2011-S4193 - Details
- Current Committee:
- Assembly Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §§601-a & 604-a, Bank L
2011-S4193 - Sponsor Memo
BILL NUMBER:S4193 TITLE OF BILL: An act to amend the banking law, in relation to certain provisions relating to foreign banking corporations PURPOSE: To clarify and streamline the ability of foreign banking corporations to enter into merger and purchase transactions. SUMMARY OF PROVISIONS: Section 1 of the bill would amend Section 60l-a of the Banking Law, which relates to the authority for banking institutions to purchase all, or a substantial part of, the assets of other banking institutions. The bill clarifies that this section applies to branches and agencies of foreign banking corporations. Section 2 of the bill would amend Section 604-a of the Banking Law to treat a branch or agency of a foreign banking corporation as a banking institution with regard to the transfer of fiduciary relationships. JUSTIFICATION: The Banking Law currently contains provisions which authorize banking institutions to enter into purchase and assumption agreements with other institutions, and to transfer fiduciary relationships between
2011-S4193 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4193 2011-2012 Regular Sessions I N S E N A T E March 23, 2011 ___________ Introduced by Sens. GRIFFO, 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 certain provisions relating to foreign banking corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 601-a of the banking law, as amended by chapter 152 of the laws of 1993, is amended to read as follows: 1. The following acquisitions are hereby authorized whether by purchase or otherwise, other than by merger, of all or a substantial part of the assets of: (a) One or more corporations organized under the laws of this state and subject to the provisions of article three, article eight or article twelve of this chapter by another corporation subject to the provisions of the same article. (b) One or more safe deposit companies by a bank or trust company. (c) One or more mutual savings banks by another mutual savings bank. (d) One or more mutual savings and loan associations by another mutual savings and loan association. (e) One or more stock-form savings banks by another stock-form savings bank. (f) One or more stock-form savings and loan associations by another stock-form savings and loan association. (g) One or more banking institutions by another banking institution to the extent permitted under regulations of the banking board. FOR PURPOSES OF THIS SUBDIVISION, A BRANCH OR AGENCY OF A FOREIGN BANKING CORPORATION LICENSED UNDER ARTICLE FIVE OF THIS CHAPTER SHALL BE CONSID- ERED A BANKING INSTITUTION. S 2. Section 604-a of the banking law, as added by chapter 743 of the laws of 1958, the section heading and subdivision 1 as amended by chap- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10443-01-1
co-Sponsors
(R, C, IP) Senate District
2011-S4193A (ACTIVE) - Details
- Current Committee:
- Assembly Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §§601-a & 604-a, Bank L
2011-S4193A (ACTIVE) - Sponsor Memo
BILL NUMBER:S4193A TITLE OF BILL: An act to amend the banking law, in relation to certain provisions relating to foreign banking corporations PURPOSE: To clarify and streamline the ability of foreign banking corporations to enter into merger and purchase transactions. SUMMARY OF PROVISIONS: Section 1 of the bill amends Section 601-a of the Banking Law to clarify the authority of New York-chartered banking institutions to engage in an acquisition transaction with out-of-state banks. It also clarifies that New York licensed branches and agencies of foreign banks are considered banking institutions subject to the requirements of Section 601-a if they participate in an acquisition transaction involving a bulk transfer of fiduciary relationships authorized under Section 604-a. The bill also adds language to clarify the Superintendent's authority to authorize additional acquisition transactions, as well as to implement this provision through rulemaking. Section 2 of the bill amends Section 604-a of the Banking Law to clarify that New York licensed branches and agencies of foreign
2011-S4193A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4193--A Cal. No. 282 2011-2012 Regular Sessions I N S E N A T E March 23, 2011 ___________ Introduced by Sens. GRIFFO, FARLEY -- read twice and ordered printed, and when printed 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, in relation to certain provisions relating to foreign banking corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (g) of subdivision 1 of section 601-a of the banking law, as amended by chapter 152 of the laws of 1993, is amended to read as follows: (g) ONE OR MORE BANKS, TRUST COMPANIES, STOCK-FORM SAVINGS BANKS OR STOCK-FORM SAVINGS AND LOAN ASSOCIATIONS, WITH ONE OR MORE OUT-OF-STATE BANKS AS SUCH TERM IS DEFINED IN SECTION TWO HUNDRED TWENTY-TWO OF THIS CHAPTER. (H) One or more banking institutions by another banking institution [to the extent permitted under regulations of the banking board] AS THE SUPERINTENDENT MAY AUTHORIZE. FOR PURPOSES OF THIS PARAGRAPH, A BRANCH OR AGENCY OF A FOREIGN BANKING CORPORATION LICENSED PURSUANT TO ARTICLE TWO OF THIS CHAPTER AND SEEKING APPROVAL FOR A TRANSFER OF FIDUCIARY RELATIONSHIPS PURSUANT TO SECTION SIX HUNDRED FOUR-A OF THIS CHAPTER SHALL BE CONSIDERED A BANKING INSTITUTION. THE SUPERINTENDENT MAY PROMULGATE SUCH REGULATIONS AS HE OR SHE DEEMS NECESSARY AND PROPER TO IMPLEMENT AND DEFINE THE PROVISIONS OF THIS PARAGRAPH. S 2. Section 604-a of the banking law, as added by chapter 743 of the laws of 1958, the section heading and subdivision 1 as amended by chap- ter 297 of the laws of 1993, subdivision 2 as amended by chapter 489 of the laws of 1963 and subdivision 3 as amended by chapter 115 of the laws of 1981, is amended to read as follows: S 604-a. Transfer of fiduciary relationships [of a banking institu- tion]. 1. If any banking institution, including a bank or trust company, national banking association, savings bank, savings and loan associ- ation, federally chartered savings bank, federally chartered savings
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