senate Bill S3676

2021-2022 Legislative Session

Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund

download bill text pdf

Sponsored By

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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 24, 2021 reported and committed to finance
Jan 30, 2021 referred to banks

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) - Summary

Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

S3676 (ACTIVE) - Sponsor Memo

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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