Senate Bill S3755

2017-2018 Legislative Session

Enacts the community bank service corporation act

download bill text pdf

Sponsored By

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

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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) - Summary

Enacts the community bank service corporation act; relates to the authorized activities and investment of community bank service corporations.

2017-S3755 (ACTIVE) - Sponsor Memo

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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