NY State Senate Bill 2023-S1492

Senate Bill S1492

2023-2024 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

Current Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 05, 2024	reported and committed to finance
Jan 03, 2024	referred to banks
Feb 28, 2023	reported and committed to finance
Jan 12, 2023	referred to banks

Votes

- Mar 5, 2024 - Banks Committee Vote
  S1492
  
  5
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Banks Committee Vote: Mar 5, 2024
      
      aye (5)
      
      Brisport
      
      Cleare
      
      Kennedy
      
      Parker
      
      Sanders Jr.
      
      aye wr (2)
      
      Borrello
      
      Tedisco
  Feb 28, 2023 - Banks Committee Vote
  S1492
  
  5
  
  Aye
  
  1
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Banks Committee Vote: Feb 28, 2023
      
      aye (5)
      
      Brisport
      
      Cleare
      
      Kennedy
      
      Parker
      
      Sanders Jr.
      
      nay (1)
      
      Tedisco
      
      aye wr (1)
      
      Borrello

co-Sponsors

2023-S1492 (ACTIVE) - Details

See Assembly Version of this Bill:: A1509
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
2021-2022: S3676, A10638

2023-S1492 (ACTIVE) - Summary

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

2023-S1492 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S1492

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
financial institution fund that was established pursuant to subdivision

three of section 16-0 of the New York state urban development act.

Section 2 amends Section 109 of the Insurance law to provide that ten
percent of all penalties imposed and collected pursuant to this section.
be deposited into the community development financial institution fund
that was established pursuant to subdivision three of section 16 of the
New York state urban development act.

 
JUSTIFICATION:

Penalties imposed by the New York State Department of Financial.
Services should be returned used to benefit new Yorkers who have been
victimized either by illegal practices or to those who do not have
adequate access to financial services or capital. We would like ten
percent of the monies recovered dedicated to the community development
financial institution fund. Monies generated because of fines and penal-
ties should go benefit those you New Yorkers who lack access to finan-
cial capital & services. The Community Development Financial Institution
Assistance Program bolsters institutions providing microloans to small
businesses that often do not qualify for bank loans, as well as provide
one-on-one counseling and business development assistance to facilitate
credit readiness. Consumers are forced to pay higher rates because of
access to credit is limited, by funding this groups we attempt to make
1.t easier for small business to access capital.

 
LEGISLATIVE HISTORY:

S3676: 2022

S.6560 of 2017-18.

 
FISCAL IMPLICATIONS:

No cost to the State.

 
EFFECTIVE DATE:
This act shall take effect September 1, 2023.

2023-S1492 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1492
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2023
                                ___________
 
 Introduced  by  Sens.  COMRIE,  MANNION,  MAY  -- 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  on  the  first  of  September  next
 succeeding the date on which it shall have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03542-01-3

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Senate Bill S1492

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Sponsored By

Leroy Comrie