Senate Bill S4193

2011-2012 Legislative Session

Relates to certain provisions regarding foreign banking corporations

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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

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Bill Amendments

co-Sponsors

2011-S4193 - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§601-a & 604-a, Bank L

2011-S4193 - Summary

Treats a branch or agency of a foreign banking corporation licensed under article 5 of the banking law as a banking institution for the purposes of provisions governing the purchase of assets and with regard to the transfer of fiduciary relationships.

2011-S4193 - Sponsor Memo

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

2011-S4193A (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §§601-a & 604-a, Bank L

2011-S4193A (ACTIVE) - Summary

Treats a branch or agency of a foreign banking corporation licensed under article 5 of the banking law as a banking institution for the purposes of provisions governing the purchase of assets and with regard to the transfer of fiduciary relationships.

2011-S4193A (ACTIVE) - Sponsor Memo

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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