Bill Text: NY A03320 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to the banking development districts program.

Spectrum: Moderate Partisan Bill (Democrat 10-2)

Status: (Introduced) 2019-06-18 - substituted by s727a [A03320 Detail]

Download: New_York-2019-A03320-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          3320
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 29, 2019
                                       ___________
        Introduced  by  M.  of  A.  ZEBROWSKI,  BLAKE, LUPARDO, COLTON, WALLACE,
          JONES, RICHARDSON, WALSH, BRABENEC -- read once and  referred  to  the
          Committee on Banks
        AN  ACT to amend the banking law, in relation to the banking development
          district program; to amend chapter 526 of the laws of  1998,  amending
          the  banking  law relating to participation in the banking development
          districts program, in relation to the effectiveness thereof
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. Subdivision 2 of section 96-d of the banking law, as added
     2  by chapter 204 of the laws of 1997, is amended to read as follows:
     3    2. A local government, in conjunction with a bank,  trust  company  or
     4  national  bank,  may submit an application to the superintendent for the
     5  designation of a banking development district. The superintendent  shall
     6  issue  a  determination  on  such  an  application  within sixty days of
     7  receiving such application. If an application is  approved,  the  super-
     8  intendent shall transmit notification of [such approval] the designation
     9  of  a  banking  development  district to the local government, the bank,
    10  trust company or national bank, the state comptroller, the  commissioner
    11  of  taxation and finance, the commissioner of the department of economic
    12  development, the temporary president of the senate and  the  speaker  of
    13  the assembly. The designation of a banking development district shall be
    14  valid  for fourteen years. Prior to the expiration of a banking develop-
    15  ment district designation, the superintendent may extend the designation
    16  for one or more additional five or ten year periods.
    17    § 2. Section 4 of chapter 526 of the laws of 1998, amending the  bank-
    18  ing  law  relating to participation in the banking development districts
    19  program, as amended by chapter 46 of the laws of  2016,  is  amended  to
    20  read as follows:
    21    §  4.  This  act  shall  take  effect on the first day of January next
    22  succeeding the date on which it shall have  become  a  law  and  section
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02673-01-9

        A. 3320                             2
     1  three of this act shall remain in effect until January 1, 2023 when upon
     2  such  date it shall expire and be deemed repealed; provided however that
     3  any branch established prior to the expiration  and  repeal  of  section
     4  three  of  this  act  by  a  savings bank, savings and loan association,
     5  federal savings bank or federal savings and loan association in a  bank-
     6  ing  development district pursuant to this act shall continue to operate
     7  in accordance with this act and remain eligible for all the  rights  and
     8  privileges authorized by this act.
     9    §  3.  Subdivision  5  of section 96-d of the banking law, as added by
    10  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter 328
    11  of the laws of 1999 and paragraph (b) as further amended by section  104
    12  of  part  A  of  chapter  62  of the laws of 2011, is amended to read as
    13  follows:
    14    5. (a) Notwithstanding the provisions of subdivision  two  of  section
    15  two  hundred  thirty-seven  of  this  chapter;  for the purposes of this
    16  section, paragraph c of subdivision two of section ten  of  the  general
    17  municipal  law, subdivision six of section one hundred five of the state
    18  finance law and section four hundred eighty-five-f of the real  property
    19  tax  law,  any reference to a bank, trust company or national bank shall
    20  be deemed to include a  savings  bank,  savings  and  loan  association,
    21  federal  savings and loan association [or], federal savings bank, credit
    22  union, or federal credit union; provided, however, that such  provisions
    23  of law do not grant a savings bank, savings and loan association, feder-
    24  al  savings  and  loan  association  [or],  federal savings bank, credit
    25  union, or federal credit union eligibility to accept municipal or public
    26  funds or municipal or public moneys other than for the limited  purposes
    27  of  the  establishment  of  a  branch  in a banking development district
    28  pursuant to this section. Any such municipal or public funds  or  moneys
    29  shall  be  deposited  only  at  the  branch established pursuant to this
    30  section, and any municipal funds or moneys may be deposited only by  the
    31  sponsoring  municipality  in  which  the  branch and banking development
    32  district are located; provided further that any such municipal or public
    33  funds or moneys shall be subject to the same requirements which apply to
    34  municipal or public funds or moneys deposited in a bank,  trust  company
    35  or  national bank and shall also be subject to the provisions of section
    36  one hundred five of the state finance law or section ten of the  general
    37  municipal law relating to such deposits.
    38    (b)  Notwithstanding any other provision of law, the superintendent of
    39  financial services shall promulgate rules and regulations  to  authorize
    40  the  participation  of  savings  banks,  savings  and loan associations,
    41  federal savings banks [and],  federal  savings  and  loan  associations,
    42  credit  unions,  and  federal  credit  unions in the program established
    43  pursuant to this section.
    44    § 4. This act shall take effect immediately; provided,  however,  that
    45  the  amendments to subdivision 5 of section 96-d of the banking law made
    46  by section three of this act shall not affect the repeal of such  subdi-
    47  vision and shall be deemed repealed therewith.
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