senate Bill S5565

2019-2020 Legislative Session

Relates to the establishment of public banks in the State of New York

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 07, 2019 referred to banks

Co-Sponsors

S5565 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add Art 3-C §§156 - 156-e, Bank L; amd §98, St Fin L; amd §10, Gen Muni L

S5565 (ACTIVE) - Summary

Establishes public banks in the state of New York.

S5565 (ACTIVE) - Sponsor Memo

S5565 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5565

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               May 7, 2019
                               ___________

Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law, the state finance law and  the  general
  municipal law, in relation to the establishment of public banks

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. It is the intent of the Legislature that this  act  author-
izes  the  lending of public credit to public banks and authorize public
ownership of stock in public banks for the  purpose  of  achieving  cost
savings,  strengthening  local  economies, supporting community economic
development, and addressing infrastructure and housing needs for locali-
ties.
  § 2. Subdivisions 1 and 11 of section 2 of the banking  law,  subdivi-
sion  1 as amended by chapter 684 of the laws of 1938 and subdivision 11
as amended by chapter 154 of the laws of 2007, are amended  to  read  as
follows:
  1. Bank. The term, "bank," when used in this chapter, unless a differ-
ent  meaning appears from the context, means any corporation, other than
a trust company, organized under or subject to the provisions of article
three OR THREE-C of this chapter.
  11. Banking organizations. The  term,  "banking  organizations,"  when
used  in  this  chapter,  means and includes all banks, trust companies,
private bankers, savings banks, safe deposit companies, savings and loan
associations,  credit  unions,  PUBLIC  BANKS  ORGANIZED  UNDER  ARTICLE
THREE-C OF THIS CHAPTER, and investment companies.
  § 3. The banking law is amended by adding a new article 3-C to read as
follows:
                               ARTICLE 3-C
                              PUBLIC BANKS
SECTION 156. DEFINITIONS.
        156-A. PUBLIC BENEFIT CORPORATIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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