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Senate Bill S5308

2017-2018 Legislative Session

Relates to the banking development district program; repealer

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2017-S5308 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §96-d, rpld sub 1 op ¶, Bank L; amd §4, Chap 526 of 1998

2017-S5308 (ACTIVE) - Summary

Relates to the banking development district program.

2017-S5308 (ACTIVE) - Sponsor Memo

2017-S5308 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5308
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              March 20, 2017
                                ___________
 
 Introduced  by  Sen. HAMILTON -- (at request of the Department of Finan-
   cial Services) -- 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 the banking development
   district program; to amend chapter 526 of the laws of  1998,  amending
   the  banking  law relating to participation in the banking development
   districts program, in relation to the effectiveness  thereof;  and  to
   repeal certain provisions of such law relating thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of subdivision 1 of section  96-d  of
 the  banking  law,  as amended by chapter 526 of the laws of 1998 and as
 further amended by section 104 of part A of chapter 62 of  the  laws  of
 2011, is REPEALED.
   §  2.  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] THE DESIGNATION
 OF  A  BANKING  DEVELOPMENT  DISTRICT to the local government, the bank,
 trust company or national bank, the state comptroller, 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. THE DESIGNATION OF A BANKING DEVELOPMENT DISTRICT SHALL BE
 VALID  FOR FOURTEEN YEARS. PRIOR TO THE EXPIRATION OF A BANKING DEVELOP-
 MENT DISTRICT DESIGNATION, THE SUPERINTENDENT MAY EXTEND THE DESIGNATION
 FOR ONE OR MORE ADDITIONAL FIVE OR TEN YEAR PERIODS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10007-02-7

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