Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 20, 2018 |
committed to rules |
May 15, 2018 |
advanced to third reading |
May 14, 2018 |
2nd report cal. |
May 09, 2018 |
1st report cal.1135 |
Jan 03, 2018 |
referred to banks returned to senate died in assembly |
Jun 19, 2017 |
referred to banks delivered to assembly passed senate ordered to third reading cal.1871 committee discharged and committed to rules |
Jan 26, 2017 |
referred to banks |
Senate Bill S3755
2017-2018 Legislative Session
Sponsored By
(D, IP) Senate District
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
Actions
Votes
2017-S3755 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Banking Law
- Laws Affected:
- Add Art 2-D §88, Bank L
- Versions Introduced in 2015-2016 Legislative Session:
-
S5624
2017-S3755 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3755 TITLE OF BILL : An act to amend the banking law, in relation to community bank service corporations PURPOSE : To permit community banks to invest in and utilize service corporations to achieve economies of scale when complying with regulations. SUMMARY OF PROVISIONS : Section 1 - state that this act shall be known as the "Community Bank Service Corporation Act" Section 2 - amends the Banking Law by adding a new article 2-D, "Community Bank Service Corporations", Section 88 of which outlines the authorized activities and investment therein of such corporations. Section 3 - specifies enactment sixty days after it becomes law. JUSTIFICATION : Community banks have significant regulatory burdens. Banking laws and regulations are based on a "one size fits all" approach. The
2017-S3755 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3755 2017-2018 Regular Sessions I N S E N A T E January 26, 2017 ___________ Introduced by Sen. SAVINO -- 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 community bank service corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "community bank service corporation act". § 2. The banking law is amended by adding a new article 2-D to read as follows: ARTICLE 2-D COMMUNITY BANK SERVICE CORPORATIONS SECTION 88. SERVICE CORPORATIONS OWNED BY COMMUNITY BANKS; AUTHORIZED ACTIVITIES OF SUCH CORPORATIONS; INVESTMENTS THEREIN. § 88. SERVICE CORPORATIONS OWNED BY COMMUNITY BANKS; AUTHORIZED ACTIV- ITIES OF SUCH CORPORATIONS; INVESTMENTS THEREIN. 1. A COMMUNITY BANK MAY INVEST IN THE STOCK, CAPITAL NOTES AND DEBENTURES OF ONE OR MORE SERVICE CORPORATIONS ORGANIZED UNDER THE LAWS OF THIS STATE FOR THE SOLE ACTIV- ITIES SET FORTH IN SUBDIVISION TWO OF THIS SECTION, TO THE EXTENT AND UPON SUCH CONDITIONS AS ARE OR HAVE BEEN AUTHORIZED BY THE SUPERINTEN- DENT OF FINANCIAL SERVICES INCLUDING BUT NOT LIMITED TO THE FOLLOWING ACTIVITIES: (A) PROVIDING SERVICES PRIMARILY FOR OTHER FINANCIAL INSTITUTIONS PARTICULARLY ACCOUNTING, AUDITING, CLERICAL, COMPLIANCE ACTIVITIES, CONSULTING, DATA STORAGE AND PROCESS, INVESTMENT ADVISORY, RESEARCH SERVICES, LOCATOR SERVICES, PERSONNEL TRAINING AND SUPPORT, MARKETING SERVICES, EMPLOYEE LEASING SERVICES, AND MANAGERIAL; (B) ORIGINATING, INVESTING IN, PURCHASING, SELLING, SERVICING OR OTHERWISE DEALING IN DIRECTLY OR THROUGH PARTICIPATION, LOANS OF ANY TYPE WHICH MAY BE MADE BY A COMMUNITY BANK; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08456-01-7
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