Senate Bill S7729

2011-2012 Legislative Session

Relates to the definition of branch for the purposes of the interstate branching transactions

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Archive: Last Bill Status - In Senate Committee Rules 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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 15, 2012	referred to rules

2011-S7729 (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Banking Law
Laws Affected:: Amd §222, Bank L (as proposed in S. 6777-A and A. 10567)

2011-S7729 (ACTIVE) - Summary

Relates to the definition of branch for the purposes of interstate branching transactions.

2011-S7729 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S7729

TITLE OF BILL:
An act
to amend the banking law, in relation to the definition of branch for
the purposes of the interstate branching transactions

PURPOSE:
This bill would enact a chapter amendment in order to maintain
consistent treatment regarding the definition of a bank branch.
This will ensure that out-of-state banks must follow the same laws
applicable to in-state banks regarding the establishment of ATM
facilities.

SUMMARY OF PROVISIONS:
This bill would enact a chapter amendment to bills S.6777-A and
A.10567 in order to clarify the definition of the term "branch" as added
by such legislation.

JUSTIFICATION:
Bill S.6777-A / A.10567 proposes to update and expand New York's
interstate banking laws. Some of these amendments help conform state
law to recent federal changes which made it easier for banks to open
bank branches across state lines. The bill also clarifies the
applicability of state law to trust offices and federal savings
associations, ensures that New York trust companies may establish trust

offices outside the state, and streamlines the regulatory process by
which branches and agencies of foreign banks may enter into purchase
and assumption agreements with each other.

This legislation corrects an inadvertent error in bill S.6777-A /
A.10567 which would result in an inconsistent application of state
laws regarding the establishment of ATM facilities.

Bill S.6777-A / A.10567 would add a definition of the term "branch" to
Section 222 of the Banking Law as it relates to out-of-state banks
seeking to open branches in New York State. The new definition
would include any office of a banking institution where deposits
are received, checks paid or money lent, but would exclude ATM or
other electronic facilities. However, Section 105-a of the Banking
Law currently provides that ATMs and similar facilities shall be
considered branches for certain purposes under state law, including
the provisions of New York's home office protection law.

This new definition, as proposed by bill S.6777-A / A.10567, would
create an inconsistency in state law and allow out-of-state banks
to operate in ways not allowed to in-state banks. This legislation
would enact a chapter amendment in order to maintain the current
treatment of ATM facilities and ensure that such treatment applies
equally to in-state and out-of-state banks.

LEGISLATIVE HISTORY:
New bill

FISCAL IMPLICATIONS:
None


EFFECTIVE DATE:
This act shall take effect on the same date as a
chapter of the laws of 2012 as proposed in bills S.6777-A and A.10567

2011-S7729 (ACTIVE) - Bill Text download pdf

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

                                  7729

                            I N  S E N A T E

                              June 15, 2012
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the banking law, in relation to the definition of branch
  for the purposes of the interstate branching transactions

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

  Section  1. Subdivision 13 of section 222 of the banking law, as added
by a chapter of the laws of 2012 amending the banking  law  relating  to
branches,  trust  offices  and  interstate  branching  transactions,  as
proposed in legislative bills numbers S. 6777-A and A. 10567, is amended
to read as follows:
  13.  The term "branch" means any office of a  banking  institution  at
which deposits are received, checks paid or money lent. [The] EXCEPT FOR
PURPOSES OF SUBDIVISION THREE OF SECTION TWO HUNDRED TWENTY-FOUR OF THIS
ARTICLE, THE term shall not include an automated teller machine or other
electronic  facility.  For  purposes  of this article, the term "branch"
shall also refer to the principal or main office of a  banking  institu-
tion.
  S  2.  This  act  shall  take  effect on the same date and in the same
manner as a chapter of the laws of 2012 amending the banking law  relat-
ing to branches, trust offices and interstate branching transactions, as
proposed  in  legislative  bills  numbers  S. 6777-A and A. 10567, takes
effect.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16290-01-2

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Senate Bill S7729

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

2011-S7729 (ACTIVE) - Details

2011-S7729 (ACTIVE) - Summary

2011-S7729 (ACTIVE) - Sponsor Memo

2011-S7729 (ACTIVE) - Bill Text download pdf

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Sponsored By

Joseph A. Griffo

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

2011-S7729 (ACTIVE) - Details

2011-S7729 (ACTIVE) - Summary

2011-S7729 (ACTIVE) - Sponsor Memo

2011-S7729 (ACTIVE) - Bill Text download pdf

Comments