Senate Bill S2120

2019-2020 Legislative Session

Relates to the banking development district program

download bill text pdf

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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2019-S2120 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §96-d, Bank L; amd §4, Chap 526 of 1998
Versions Introduced in 2017-2018 Legislative Session:
S9094

2019-S2120 (ACTIVE) - Summary

Relates to the banking development district program, such designation shall be valid for 14 years.

2019-S2120 (ACTIVE) - Sponsor Memo

2019-S2120 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2120
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2019
                                ___________
 
 Introduced by Sens. SANDERS, MONTGOMERY -- read twice and ordered print-
   ed, 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; and to amend chapter 526 of the laws of 1998, amend-
   ing the banking law relating to participation in the banking  develop-
   ment districts program, in relation to the effectiveness thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 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.
   §  2. Section 4 of chapter 526 of the laws of 1998, amending the bank-
 ing law relating to participation in the banking  development  districts
 program,  as  amended  by  chapter 46 of the laws of 2016, is amended to
 read as follows:
   § 4. This act shall take effect on  the  first  day  of  January  next
 succeeding  the  date  on  which  it shall have become a law and SECTION
 THREE OF THIS ACT shall remain in effect until January 1, 2023 when upon
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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