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
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (13)
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

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

S3755 (ACTIVE) - Summary

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

S3755 (ACTIVE) - Sponsor Memo

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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