senate Bill S727A

2019-2020 Legislative Session

Relates to the banking development district program

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Sponsored By

Current Bill Status - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2019 returned to senate
passed assembly
ordered to third reading rules cal.112
substituted for a3320
Jun 13, 2019 referred to ways and means
delivered to assembly
passed senate
Jun 06, 2019 amended on third reading (t) 727a
Mar 04, 2019 advanced to third reading
Feb 28, 2019 2nd report cal.
Feb 27, 2019 1st report cal.181
Jan 09, 2019 referred to banks

Co-Sponsors

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S727 - Details

See Assembly Version of this Bill:
A3320
Law Section:
Banking Law
Laws Affected:
Amd §96-d, Bank L; amd §4, Chap 526 of 1998
Versions Introduced in Other Legislative Sessions:
2015-2016: S5521
2017-2018: S5187, A6949

S727 - Summary

Relates to the banking development districts program.

S727 - Sponsor Memo

S727 - Bill Text download pdf


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

                                   727

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2019
                               ___________

Introduced   by  Sens.  MONTGOMERY,  BROOKS,  COMRIE,  HOYLMAN,  PARKER,
  SANDERS, STAVISKY -- 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 including credit unions
  and federal credit unions within provisions regarding banking develop-
  ment district program

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

  Section  1. Subdivision 5 of section 96-d of the banking law, as added
by chapter 526 of the laws of 1998, paragraph (a) as amended by  chapter
328 of the laws of 1999, paragraph (b) as further amended by section 104
of  part  A  of  chapter  62  of the laws of 2011, is amended to read as
follows:
  5. (a) Notwithstanding the provisions of subdivision  two  of  section
two  hundred  thirty-seven  of  this  chapter;  for the purposes of this
section, paragraph c of subdivision two of section ten  of  the  general
municipal  law, subdivision six of section one hundred five of the state
finance law and section four hundred eighty-five-f of the real  property
tax  law,  any reference to a bank, trust company or national bank shall
be deemed to include a  savings  bank,  savings  and  loan  association,
federal  savings and loan association [or], federal savings bank, CREDIT
UNION OR FEDERAL CREDIT UNION; provided, however, that  such  provisions
of law do not grant a savings bank, savings and loan association, feder-
al  savings  and  loan  association [or], federal savings bank, A CREDIT
UNION OR A FEDERAL CREDIT  UNION  eligibility  to  accept  municipal  or
public  funds  or  municipal or public moneys other than for the limited
purposes of the establishment of  a  branch  in  a  banking  development
district pursuant to this section. Any such municipal or public funds or
moneys  shall  be  deposited  only at the branch established pursuant to
this section, and any municipal funds or moneys may be deposited only by

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Sponsor's Position

Credit Union Bill - Ending Banking Desert in Low Income Communities

Co-Sponsors

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S727A (ACTIVE) - Details

See Assembly Version of this Bill:
A3320
Law Section:
Banking Law
Laws Affected:
Amd §96-d, Bank L; amd §4, Chap 526 of 1998
Versions Introduced in Other Legislative Sessions:
2015-2016: S5521
2017-2018: S5187, A6949

S727A (ACTIVE) - Summary

Relates to the banking development districts program.

S727A (ACTIVE) - Sponsor Memo

S727A (ACTIVE) - Bill Text download pdf


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

                                 727--A
    Cal. No. 181

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2019
                               ___________

Introduced  by  Sens. MONTGOMERY, BROOKS, COMRIE, HOYLMAN, PARKER, SALA-
  ZAR, SANDERS, STAVISKY -- read twice and  ordered  printed,  and  when
  printed  to be committed to the Committee on Banks -- reported favora-
  bly from said committee, ordered to first and second  report,  ordered
  to a third reading, amended and ordered reprinted, retaining its place
  in the order of third reading

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

  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

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