|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Dec 17, 2014||approval memo.20|
|Dec 05, 2014||delivered to governor|
|Jun 19, 2014||returned to assembly|
3rd reading cal.1613
substituted for s7112
|Jun 19, 2014||substituted by a9408|
ordered to third reading cal.1613
committee discharged and committed to rules
|May 21, 2014||reported and committed to finance|
|Apr 28, 2014||referred to banks|
senate Bill S7112Signed By Governor
Archive: Last Bill Status Via A9408 -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S7112 - Details
- See Assembly Version of this Bill:
- Law Section:
- Banking Law
- Laws Affected:
- Amd §§451 & 454, add §451-a, Bank L
S7112 - Sponsor Memo
BILL NUMBER:S7112 TITLE OF BILL: An act to amend the banking law, in relation to qualifications for membership and general powers of credit unions Purpose Or General Idea Of Bill: This bill would expand the qualifications for membership into credit unions and to create parity with federal credit unions in the areas of branching and investing. This bill would allow state-chartered credit unions to apply to the Superintendent of the Department of Financial Services (DFS) to request a membership that includes groups based on employment, association and community within a single field of membership. Summary Of Specific Provisions: Section 1. Amends subdivision 2 of section 451 to provide that the qualification for memberships shall be determined by a new section 451-a and shall not apply to a corporate credit unions. Section 2. Adds a new section 451-a to the banking law that specifies the qualification for memberships for a state-chartered credit union and clarifies that the Superintendent of DFS maintains control over determining field of membership.
S7112 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7112 I N S E N A T E April 28, 2014 ___________ Introduced by Sen. GRIFFO -- 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 qualifications for membership and general powers of credit unions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 451 of the banking law, as amended by chapter 660 of the laws of 2004, is amended to read as follows: 2. The qualifications for membership. [(a) Membership shall be limited to: (1) persons having a common employer; (2) persons and organizations who are members of the same trade, industry, profession, club, union, society or other association; (3) in the case of a credit union incorporated under this chapter as of the effective date of this subdivision, and with the approval of the superintendent, which approval shall not be given if it would be destructive of competition within a municipality, more than one common employer; provided, however, that an employer group with under three thousand employees may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; (4) with the approval of the superintendent, and subject to the provisions of paragraph (b) of this subdivision, more than one group each of which has, within the group, a common bond of occupation, including a common employer, or association; provided, however, that a group of less than three thousand members, which is within reasonable proximity to the credit union's service area or areas, may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; or (5) persons and organizations within a well-defined local community, neighborhood or rural district and who in the judgment of the super- intendent have such a community of interest as will insure proper admin- istration. (b) In considering an application to add a group to a credit union authorized under subparagraph four of paragraph (a) of this subdivision, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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