senate Bill S7112

Signed By Governor
2013-2014 Legislative Session

Relates to qualifications for membership and general powers of credit unions

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9408 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 17, 2014 approval memo.20
signed chap.502
Dec 05, 2014 delivered to governor
Jun 19, 2014 returned to assembly
passed senate
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

Votes

view votes

Jun 19, 2014 - Rules committee Vote

S7112
21
1
committee
21
Aye
1
Nay
1
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Rules committee vote details

May 21, 2014 - Banks committee Vote

S7112
18
1
committee
18
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

S7112 - Details

See Assembly Version of this Bill:
A9408
Law Section:
Banking Law
Laws Affected:
Amd §§451 & 454, add §451-a, Bank L

S7112 - Summary

Relates to qualifications for membership and general powers of credit unions.

S7112 - Sponsor Memo

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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