Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 08, 2016 |
referred to banks delivered to assembly passed senate |
Jun 07, 2016 |
ordered to third reading cal.1493 committee discharged and committed to rules |
Jan 06, 2016 |
referred to banks |
Jun 25, 2015 |
committed to rules |
Jun 09, 2015 |
advanced to third reading |
Jun 08, 2015 |
2nd report cal. |
Jun 03, 2015 |
1st report cal.1332 |
May 20, 2015 |
referred to banks |
Senate Bill S5624
2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Assembly 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
Actions
Votes
2015-S5624 (ACTIVE) - Details
- Current Committee:
- Assembly Banks
- Law Section:
- Banking Law
- Laws Affected:
- Add Art 2-D §88, Bank L
- Versions Introduced in 2017-2018 Legislative Session:
-
S3755
2015-S5624 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5624 TITLE OF BILL: An act to amend the banking law, in relation to community bank service corporations PURPOSE: To permit community banks to invest in and utilize service corporations to achieve economies of scale when complying with regulations. SUMMARY OF PROVISIONS: Section 1 - state that this act shall be known as the "Community Bank Service Corporation Act" Section 2 - amends the Banking Law by adding a new article 2-D, "Community Bank Service Corporations", Section 88 of which outlines the authorized activities and investment therein of such corporations. Section 3 - specifies enactment sixty days after it becomes law. JUSTIFICATION:
2015-S5624 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5624 2015-2016 Regular Sessions I N S E N A T E May 20, 2015 ___________ Introduced by Sen. SAVINO -- 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 community bank service corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "community bank service corporation act". S 2. The banking law is amended by adding a new article 2-D to read as follows: ARTICLE 2-D COMMUNITY BANK SERVICE CORPORATIONS SECTION 88. SERVICE CORPORATIONS OWNED BY COMMUNITY BANKS; AUTHORIZED ACTIVITIES OF SUCH CORPORATIONS; INVESTMENTS THEREIN. S 88. SERVICE CORPORATIONS OWNED BY COMMUNITY BANKS; AUTHORIZED ACTIV- ITIES OF SUCH CORPORATIONS; INVESTMENTS THEREIN. 1. A COMMUNITY BANK MAY INVEST IN THE STOCK, CAPITAL NOTES AND DEBENTURES OF ONE OR MORE SERVICE CORPORATIONS ORGANIZED UNDER THE LAWS OF THIS STATE FOR THE SOLE ACTIV- ITIES SET FORTH IN SUBDIVISION TWO OF THIS SECTION, TO THE EXTENT AND UPON SUCH CONDITIONS AS ARE OR HAVE BEEN AUTHORIZED BY THE SUPERINTEN- DENT OF FINANCIAL SERVICES INCLUDING BUT NOT LIMITED TO THE FOLLOWING ACTIVITIES: (A) PROVIDING SERVICES PRIMARILY FOR OTHER FINANCIAL INSTITUTIONS PARTICULARLY ACCOUNTING, AUDITING, CLERICAL, COMPLIANCE ACTIVITIES, CONSULTING, DATA STORAGE AND PROCESS, INVESTMENT ADVISORY, RESEARCH SERVICES, LOCATOR SERVICES, PERSONNEL TRAINING AND SUPPORT, MARKETING SERVICES, EMPLOYEE LEASING SERVICES, AND MANAGERIAL; (B) ORIGINATING, INVESTING IN, PURCHASING, SELLING, SERVICING OR OTHERWISE DEALING IN DIRECTLY OR THROUGH PARTICIPATION, LOANS OF ANY TYPE WHICH MAY BE MADE BY A COMMUNITY BANK; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08339-02-5
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