|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 07, 2019||referred to banks|
senate Bill S5565
Current Bill Status - In Senate Committee Banks Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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) - Sponsor Memo
BILL NUMBER: S5565 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, the state finance law and the general municipal law, in relation to the establishment of public banks PURPOSE OF BILL: Authorizes the lending of public credit to public banks and authorizes public ownership of stock in public banks for municipalities for the purpose of achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities. SUMMARY OF SPECIFIC PROVISIONS: Section 1 provides the legislative intent. Section 2 includes definitions for bank and bank organizations.
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.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.