Senate Bill S5187

2017-2018 Legislative Session

Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for purpose of banking development district program

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Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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-S5187 (ACTIVE) - Details

See Assembly Version of this Bill:
A5776
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §§96-d & 451-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8693
2015-2016: S5521, A3521
2019-2020: S727

2017-S5187 (ACTIVE) - Summary

Relates to including credit unions and federal credit unions within the definition of bank, trust company or national bank for the purpose of the banking development district program (which was created to encourage the establishment of bank branches in geographic locations where there is a demonstrated need for banking services); relates to directing the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; provides that for purposes of such program, a credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services.

2017-S5187 (ACTIVE) - Sponsor Memo

2017-S5187 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5187
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              March 13, 2017
                                ___________
 
 Introduced  by  Sens. MONTGOMERY, BROOKS, COMRIE, DILAN, HAMILTON, HOYL-
   MAN, PARKER, SANDERS, STAVISKY -- 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 including credit unions
   and federal credit unions within provisions regarding banking develop-
   ment district program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivision 5 of section 96-d of the banking law, as added
 by chapter 526 of the laws of 1998, paragraph (a) as amended by  chapter
 328 of the laws of 1999, paragraph (b) as further amended by section 104
 of  part  A  of  chapter  62  of the laws of 2011, is amended to read as
 follows:
   5. (a) Notwithstanding the provisions of subdivision  two  of  section
 two  hundred  thirty-seven  of  this  chapter;  for the purposes of this
 section, paragraph c of subdivision two of section ten  of  the  general
 municipal  law, subdivision six of section one hundred five of the state
 finance law and section four hundred eighty-five-f of the real  property
 tax  law,  any reference to a bank, trust company or national bank shall
 be deemed to include a  savings  bank,  savings  and  loan  association,
 federal  savings and loan association [or], federal savings bank, CREDIT
 UNION OR FEDERAL CREDIT UNION; provided, however, that  such  provisions
 of law do not grant a savings bank, savings and loan association, feder-
 al  savings  and  loan  association [or], federal savings bank, A CREDIT
 UNION OR A FEDERAL CREDIT  UNION  eligibility  to  accept  municipal  or
 public  funds  or  municipal or public moneys other than for the limited
 purposes of the establishment of  a  branch  in  a  banking  development
 district pursuant to this section. Any such municipal or public funds or
 moneys  shall  be  deposited  only at the branch established pursuant to
 this section, and any municipal funds or moneys may be deposited only by
 the sponsoring municipality in which the branch and banking  development
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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