assembly Bill A9377

2021-2022 Legislative Session

Relates to enacting the New York state bank act; repealer

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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
Feb 23, 2022 referred to banks

A9377 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
State Finance Law
Laws Affected:
Add Art 17 §§250 - 265, amd §99-ii, St Fin L; rpld §16-ee, UDC Act

A9377 (ACTIVE) - Summary

Enacts the New York state bank act creating the New York state banking authority and New York state bank to serve New York state residents and businesses currently underserved by banking institutions.

A9377 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9377
 
                           I N  A S S E M B L Y
 
                             February 23, 2022
                                ___________
 
 Introduced by M. of A. CAHILL -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to amend the state finance law, in relation to enacting the New
   York state bank act; to repeal certain  provisions  of  the  New  York
   state  urban development corporation act relating thereto; and provid-
   ing for the repeal of such provisions upon expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This act shall be known and may be cited as the "New York
 state bank act".
   § 2. The state finance law is amended by adding a new  article  17  to
 read as follows:
                                ARTICLE 17
                          THE NEW YORK STATE BANK
 SECTION 250. LEGISLATIVE INTENT.
         251. DEFINITIONS.
         252. CREATION OF THE NEW YORK STATE BANKING AUTHORITY.
         253. PURPOSE.
         254. THE NEW YORK STATE BANK.
         255. BOARD.
         256. CAPITALIZATION.
         257. DEPOSIT OF FUNDS.
         258. INVESTMENT REQUIREMENTS AND REGULATIONS.
         259. FINANCIAL REGULATION.
         260. REPORTING REQUIREMENTS.
         261. ETHICAL REQUIREMENTS.
         262. FEES AND TAXES.
         263. BANK RECORDS.
         264. TERMINATION OF OPERATIONS.
         265. SEVERABILITY.
   § 250. LEGISLATIVE  INTENT.  1.  THE  LEGISLATURE  FINDS  THAT SEVERAL
 COMMUNITIES WITHIN THE STATE HAVE BEEN ADVERSELY AFFECTED BY A  LACK  OF
 BANKING  SERVICES  TO MEET THEIR FINANCIAL NEEDS. LOW-INCOME, INNER CITY
 AND RURAL COMMUNITIES ARE OFTEN LEFT OUT OF THE BANKING SYSTEM. FURTHER-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.