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Assembly Bill A5302

2015-2016 Legislative Session

Relates to banking development districts; requires renewal of certain branches within banking development districts

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Archive: Last Bill Status - On Floor Calendar

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2015-A5302 (ACTIVE) - Details

See Senate Version of this Bill:
S6239
Law Section:
Banking Law
Laws Affected:
Amd ยง96-d, Bank L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9296, S6692
2013-2014: A6877, S2495
2017-2018: S2715

2015-A5302 (ACTIVE) - Summary

Relates to banking development districts; requires renewal of certain branches within banking development districts.

2015-A5302 (ACTIVE) - Bill Text download pdf 

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

                                  5302

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 17, 2015
                               ___________

Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
  tee on Banks

AN  ACT  to  amend  the  banking law, in relation to banking development
  districts

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

  Section  1. Subdivision 2 of section 96-d of the banking law, as added
by chapter 204 of the laws of 1997, is amended to read as follows:
  2. A local government, in conjunction with a bank,  trust  company  or
national  bank,  may submit an application to the superintendent for the
designation of a banking development district. The superintendent  shall
issue  a  determination  on  such  an  application  within sixty days of
receiving such application. If an application is  approved,  the  super-
intendent  shall  transmit  notification  of  such approval to the local
government, the bank, trust company or national bank,  the  state  comp-
troller,  the  commissioner of taxation and finance, the commissioner of
the department of economic development, the temporary president  of  the
senate  and  the  speaker  of the assembly.   A DESIGNATION OF A BANKING
DEVELOPMENT DISTRICT SHALL BE VALID FOR  TEN  YEARS  FROM  THE  DATE  OF
DESIGNATION.  THE SUPERINTENDENT MAY EXTEND THE TERM OF A BANKING DEVEL-
OPMENT DISTRICT AN ADDITIONAL TEN YEAR PERIOD UPON A DETERMINATION  THAT
THERE IS A DEMONSTRATED NEED FOR BANKING SERVICES IN SUCH BANKING DEVEL-
OPMENT DISTRICT.
  S 2. Section 96-d of the banking law is amended by adding a new subdi-
vision 3-a to read as follows:
  3-A.  IN ORDER TO MEET THE DEMONSTRATED NEED FOR BANKING SERVICES IN A
BANKING DEVELOPMENT DISTRICT, ANY BANK, TRUST COMPANY OR  NATIONAL  BANK
THAT  HAS  ESTABLISHED  A  BRANCH  WITHIN A BANKING DEVELOPMENT DISTRICT
SHALL OFFER AFFORDABLE PRODUCTS AND SERVICES, INCLUDING FINANCIAL EDUCA-
TION SERVICES, TAILORED TO THE BANKING NEEDS OF THE COMMUNITY  IN  WHICH
THE BRANCH IS LOCATED.
  S 3. This act shall take effect on the one hundred eightieth day after
it shall have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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