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Senate Bill S6560

2017-2018 Legislative Session

Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund

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Archive: Last Bill Status - In Senate Committee Banks Committee

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2017-S6560 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §44, Bank L; amd §109, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3212
2021-2022: S3676
2023-2024: S1492
2025-2026: S2327

2017-S6560 (ACTIVE) - Summary

Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

2017-S6560 (ACTIVE) - Sponsor Memo

2017-S6560 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6560
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 2, 2017
                                ___________
 
 Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the banking law and the insurance law,  in  relation  to
   dedicating  ten  percent  of  the  fines  and penalties imposed by the
   superintendent of financial services for deposit  into  the  community
   development financial institution fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 44 of the banking law is amended by  adding  a  new
 subdivision 10 to read as follows:
   10.  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, TEN PERCENT
 OF ALL PENALTIES IMPOSED AND COLLECTED PURSUANT TO THIS SECTION SHALL BE
 DEDICATED TO AND DEPOSITED  INTO  THE  COMMUNITY  DEVELOPMENT  FINANCIAL
 INSTITUTION  FUND  ESTABLISHED  PURSUANT TO SUBDIVISION THREE OF SECTION
 SIXTEEN-O OF THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION ACT.
   § 2. Section 109 of the insurance law  is  amended  by  adding  a  new
 subsection (e) to read as follows:
   (E)  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, TEN PERCENT
 OF ALL PENALTIES IMPOSED AND COLLECTED PURSUANT TO THIS SECTION SHALL BE
 DEDICATED TO AND DEPOSITED  INTO  THE  COMMUNITY  DEVELOPMENT  FINANCIAL
 INSTITUTION  FUND  ESTABLISHED  PURSUANT TO SUBDIVISION THREE OF SECTION
 SIXTEEN-O OF THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION ACT.
   § 3. This act shall take effect September 1, 2017.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11997-01-7

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