Senate Bill S5521A

2015-2016 Legislative Session

Includes credit unions and federal credit unions within the definition of bank, trust company or national bank for purpose of banking development district program

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Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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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Bill Amendments

co-Sponsors

2015-S5521 - Details

See Assembly Version of this Bill:
A3521
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Amd §§96-d & 451-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8693
2017-2018: S5187, A5776
2019-2020: S727

2015-S5521 - Summary

Relates to including credit unions and federal credit unions within the definition of bank, trust company or national bank for the purpose of the banking development district program (which was created to encourage the establishment of bank branches in geographic locations where there is a demonstrated need for banking services); relates to directing the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; provides that for purposes of such program, a credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services.

2015-S5521 - Sponsor Memo

2015-S5521 - Bill Text download pdf

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

                                  5521

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  MONTGOMERY  -- 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
the  sponsoring municipality in which the branch and banking development
district are located; provided further that any such municipal or public

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01032-03-5
              

co-Sponsors

2015-S5521A (ACTIVE) - Details

See Assembly Version of this Bill:
A3521
Current Committee:
Senate Rules
Law Section:
Banking Law
Laws Affected:
Amd §§96-d & 451-a, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8693
2017-2018: S5187, A5776
2019-2020: S727

2015-S5521A (ACTIVE) - Summary

Relates to including credit unions and federal credit unions within the definition of bank, trust company or national bank for the purpose of the banking development district program (which was created to encourage the establishment of bank branches in geographic locations where there is a demonstrated need for banking services); relates to directing the banking board to promulgate rules and regulations to authorize the participation of credit unions and federal credit unions in such program; provides that for purposes of such program, a credit union may include in its membership any person or organization located within a local community, neighborhood or rural district where there is a demonstrated need for banking services.

2015-S5521A (ACTIVE) - Sponsor Memo

2015-S5521A (ACTIVE) - Bill Text download pdf

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

                                 5521--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sens.  MONTGOMERY,  HAMILTON  --  read twice and ordered
  printed, and when printed to be committed to the Committee on Banks --
  recommitted to the Committee on Banks in accordance with  Senate  Rule
  6,  sec. 8 -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01032-04-6
              

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