Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 27, 2013 |
vetoed memo.229 |
Sep 17, 2013 |
delivered to governor |
Jun 18, 2013 |
returned to senate passed assembly ordered to third reading rules cal.353 substituted for a7341 |
Jun 10, 2013 |
referred to banks delivered to assembly passed senate |
Jun 03, 2013 |
advanced to third reading |
May 30, 2013 |
2nd report cal. |
May 29, 2013 |
1st report cal.769 |
May 10, 2013 |
referred to banks |
Senate Bill S5145
Vetoed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) 24th Senate District
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
2013-S5145 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7341
- Law Section:
- Banking Law
- Laws Affected:
- Add §9-v, amd §§96, 234, 383 & 454, Bank L
2013-S5145 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5145 TITLE OF BILL: An act to amend the banking law, in relation to authorizing credit unions to conduct savings promotion prize giveaways Purpose Or General Idea Of Bill: To authorize banking organizations to establish Prize Linked Savings accounts to give incentives to customers to save money by giving them the opportunity to win promotional prizes. Summary Of Specific Provisions: Section adds a new § 9-V to the Banking Law to provide that banking organizations may conduct a savings promotion. This section defines the following terms: 1."Savings promotion"- means a contest or promotion sponsored by a banking organization in which a chance of winning designated prizes is obtained by the deposit of specified amount of money in a saving account, share account, share certificate, or other savings products or program; 2."Qualifying account" - means a savings account, share account, share certificate, or other savings product or program offered by a banking organization through which depositors may obtain chances to win prizes
2013-S5145 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5145 2013-2014 Regular Sessions I N S E N A T E May 10, 2013 ___________ Introduced by Sen. LANZA -- 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 authorizing credit unions to conduct savings promotion prize giveaways 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 9-v to read as follows: S 9-V. SAVINGS PROMOTION PRIZE GIVEAWAY. A BANKING ORGANIZATION ORGANIZED UNDER OR SUBJECT TO THE PROVISIONS OF THIS CHAPTER MAY CONDUCT A SAVINGS PROMOTION IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION, TO THE EXTENT IT IS NOT PROHIBITED BY FEDERAL LAW OR REGULATION. 1. DEFINITIONS. AS USED IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: A. THE TERM "SAVINGS PROMOTION" MEANS A CONTEST OR PROMOTION SPONSORED BY A BANKING ORGANIZATION IN WHICH A CHANCE OF WINNING DESIGNATED PRIZES IS OBTAINED BY THE DEPOSIT OF A SPECIFIED AMOUNT OF MONEY IN A SAVINGS ACCOUNT, SHARE ACCOUNT, SHARE CERTIFICATE, OR OTHER SAVINGS PRODUCT OR PROGRAM. B. THE TERM "QUALIFYING ACCOUNT" MEANS A SAVINGS ACCOUNT, SHARE ACCOUNT, SHARE CERTIFICATE, OR OTHER SAVINGS PRODUCT OR PROGRAM OFFERED BY A BANKING ORGANIZATION THROUGH WHICH DEPOSITORS MAY OBTAIN CHANCES TO WIN PRIZES IN A SAVINGS PROMOTION BY DEPOSITING SPECIFIED SUMS OF MONEY. C. THE TERM "NON-QUALIFYING ACCOUNT" MEANS A SAVINGS ACCOUNT, SHARE ACCOUNT, CERTIFICATE OF DEPOSIT, OR OTHER SAVINGS PRODUCT OR PROGRAM OFFERED BY A BANKING ORGANIZATION THAT IS NOT A QUALIFYING ACCOUNT. 2. RULES OF OPERATION. A. PARTICIPANTS IN A SAVINGS PROMOTION SHALL NOT BE REQUIRED TO PROVIDE ANY CONSIDERATION IN ORDER TO OBTAIN ENTRIES TO WIN. FOR PURPOSES OF THIS PARAGRAPH, PARTICIPANTS SHALL NOT BE DEEMED TO HAVE PROVIDED CONSIDERATION DUE TO THE REQUIREMENT THAT THEY DEPOSIT MONEY IN A QUALIFYING ACCOUNT TO OBTAIN ENTRIES TO WIN, SO LONG AS: (I) EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10869-01-3
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