Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Feb 24, 2021 | reported and committed to finance |
Jan 30, 2021 | referred to banks |
senate Bill S3676
2021-2022 Legislative Session
Sponsored By
Leroy Comrie
(D) 14th Senate District
Current Bill Status - In Senate Committee Finance Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
S3676 (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Banking Law
- Laws Affected:
- Amd §44, Bank L; amd §109, Ins L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018: S6560
2019-2020: S3212
S3676 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3676 REVISED 02/17/2021 SPONSOR: COMRIE TITLE OF BILL: An act to amend the banking law and the insurance law, in relation to dedicating ten percent of the fines and penalties imposed by the super- intendent of financial services for deposit into the community develop- ment financial institution fund PURPOSE: To dedicate ten percent of the fines assessed by the New York State Department of Financial Services to the NYS community development finan- cial institution fund. SUMMARY OF PROVISIONS: Section 1 adds a new Subdivision (10)to Section 44 of the banking law, which provides for ten percent of all penalties imposed and collected pursuant to this section be deposited into the community development
S3676 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3676 2021-2022 Regular Sessions I N S E N A T E January 30, 2021 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law and the insurance law, in relation to dedicating ten percent of the fines and penalties imposed by the superintendent of financial services for deposit into the community development financial institution fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 44 of the banking law is amended by adding a new subdivision 10 to read as follows: 10. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, TEN PERCENT OF ALL PENALTIES IMPOSED AND COLLECTED PURSUANT TO THIS SECTION SHALL BE DEDICATED TO AND DEPOSITED INTO THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND ESTABLISHED PURSUANT TO SUBDIVISION THREE OF SECTION SIXTEEN-O OF THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION ACT. § 2. Section 109 of the insurance law is amended by adding a new subsection (e) to read as follows: (E) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, TEN PERCENT OF ALL PENALTIES IMPOSED AND COLLECTED PURSUANT TO THIS SECTION SHALL BE DEDICATED TO AND DEPOSITED INTO THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND ESTABLISHED PURSUANT TO SUBDIVISION THREE OF SECTION SIXTEEN-O OF THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION ACT. § 3. This act shall take effect September 1, 2021. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08155-01-1
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