Bill Text: NY S04954 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to extending certain provisions authorizing banks and trust companies to exercise the rights of national banks.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-05-01 - RECOMMIT, ENACTING CLAUSE STRICKEN [S04954 Detail]

Download: New_York-2019-S04954-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4954
                               2019-2020 Regular Sessions
                    IN SENATE
                                      April 2, 2019
                                       ___________
        Introduced by Sen. ANTONACCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks
        AN  ACT  to  amend chapter 322 of the laws of 2007, amending the banking
          law relating to the power of banks, private bankers, trust  companies,
          savings  banks,  savings  and  loan  associations,  credit  unions and
          foreign banking corporations to exercise the rights of national banks,
          federal  savings  associations,  federal  credit  unions  and  federal
          branches  and agencies of foreign banks, in relation to the effective-
          ness of certain provisions of such chapter; and to amend chapter 3  of
          the  laws  of  1997,  amending  the  banking law and the insurance law
          relating to authorizing the banking board to permit  banks  and  trust
          companies to exercise the rights of national banks, in relation to the
          effectiveness of certain provisions of such chapter
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 6 of chapter 322 of the laws of 2007, amending  the
     2  banking  law  relating  to  the  power  of banks, private bankers, trust
     3  companies, savings banks, savings and loan associations,  credit  unions
     4  and  foreign  banking  corporations  to  exercise the rights of national
     5  banks, federal savings associations, federal credit unions  and  federal
     6  branches and agencies of foreign banks, as amended by chapter 113 of the
     7  laws of 2014, is amended to read as follows:
     8    §  6.  This  act shall take effect immediately; provided, however that
     9  sections one, two, three and four of this act shall take effect  Septem-
    10  ber 1, 2007; and provided further that sections one, two, three and four
    11  of  this  act  shall  expire and be deemed repealed September 10, [2019]
    12  2024; and provided further that any federally permitted powers  approved
    13  under section three of this act shall remain in full force and effect on
    14  and after such repeal date and shall not be affected by such repeal.
    15    §  2. Section 7 of chapter 3 of the laws of 1997, amending the banking
    16  law and the insurance law relating to authorizing the banking  board  to
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11032-01-9

        S. 4954                             2
     1  permit  banks  and  trust  companies  to exercise the rights of national
     2  banks, as amended by chapter 113 of the laws of 2014, is amended to read
     3  as follows:
     4    §  7. This act shall take effect immediately provided that section two
     5  of this act shall take effect on the thirtieth day after it  shall  have
     6  become  a  law and shall apply to violations prescribed in section 44 of
     7  the banking law that occur on or after such date; and  provided  further
     8  that  sections  one,  three,  four  and  five shall expire and be deemed
     9  repealed September 10, [2019] 2024; and provided further that any  rules
    10  and  regulations  promulgated  pursuant to sections one, three, four and
    11  five shall remain in full force and effect on and after such  expiration
    12  date and shall not be affected by such expiration date.
    13    § 3. This act shall take effect immediately.
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