Bill Text: NY A09777 | 2013-2014 | General Assembly | Amended

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Bill Title: Provides that requirements relating to the preservation of certain banking records may be satisfied by maintenance of original papers or other records, photographic reproductions, or records stored in electronic storage media.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2014-06-16 - substituted by s2933b [A09777 Detail]

Download: New_York-2013-A09777-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        9777--A
                                 I N  A S S E M B L Y
                                     May 22, 2014
                                      ___________
       Introduced  by  M. of A. FAHY, ROBINSON -- read once and referred to the
         Committee on Banks --  committee  discharged,  bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       AN  ACT to amend the banking law, in relation to electronic preservation
         of banking records
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. The banking law is amended by adding a new section 36-b to
    2  read as follows:
    3    S 36-B. PRESERVATION OF BOOKS AND RECORDS. WHEN ANY PROVISION OF  THIS
    4  CHAPTER OR ANY RULE OR REGULATION ADOPTED PURSUANT THERETO REQUIRES THAT
    5  BOOKS  AND  RECORDS  BE  PRESERVED, SUCH REQUIREMENT MAY BE SATISFIED BY
    6  MAINTENANCE OF ORIGINAL PAPERS OR OTHER  RECORDS,  PHOTOGRAPHIC  REPROD-
    7  UCTIONS,  OR RECORDS STORED IN ELECTRONIC STORAGE MEDIA. AS USED IN THIS
    8  CHAPTER, "ELECTRONIC STORAGE MEDIA" MEANS ANY DIGITAL STORAGE MEDIUM  OR
    9  SYSTEM THAT MEETS THE FOLLOWING CONDITIONS:
   10    1. IT MUST PRESERVE THE RECORDS EXCLUSIVELY IN NON-REWRITABLE, NON-ER-
   11  ASABLE FORMAT;
   12    2.  IT MUST VERIFY AUTOMATICALLY THE QUALITY AND ACCURACY OF THE STOR-
   13  AGE MEDIA RECORDING PROCESS;
   14    3. IT MUST HAVE THE CAPACITY TO READILY DOWNLOAD INDEXES, METADATA AND
   15  RECORDS PRESERVED ON THE ELECTRONIC STORAGE MEDIA TO ANY MEDIUM ACCEPTA-
   16  BLE TO THE SUPERINTENDENT; AND
   17    4. IT MUST BE IMMEDIATELY READABLE ON EQUIPMENT AT ALL TIMES AVAILABLE
   18  TO THE SUPERINTENDENT FOR EXAMINATION OF SUCH RECORDS.
   19    S 2.  This  act shall take effect on the ninetieth day after it  shall
   20  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08147-05-4