Bill Text: NY S05411 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to extending certain provisions authorizing banks and trust companies to exercise the rights of national banks to September 10, 2024.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2019-08-30 - signed chap.217 [S05411 Detail]
Download: New_York-2019-S05411-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5411 2019-2020 Regular Sessions IN SENATE April 30, 2019 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT 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; and 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 The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 7 of chapter 3 of the laws of 1997, amending the 2 banking law and the insurance law relating to authorizing the banking 3 board to permit banks and trust companies to exercise the rights of 4 national banks, as amended by chapter 113 of the laws of 2014, is 5 amended to read as follows: 6 § 7. This act shall take effect immediately provided that section two 7 of this act shall take effect on the thirtieth day after it shall have 8 become a law and shall apply to violations prescribed in section 44 of 9 the banking law that occur on or after such date; and provided further 10 that sections one, three, four and five shall expire and be deemed 11 repealed September 10, [2019] 2024; and provided further that any rules 12 and regulations promulgated pursuant to sections one, three, four and 13 five shall remain in full force and effect on and after such expiration 14 date and shall not be affected by such expiration date. 15 § 2. Section 6 of chapter 322 of the laws of 2007, amending the bank- 16 ing law relating to the power of banks, private bankers, trust compa- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11355-01-9S. 5411 2 1 nies, savings banks, savings and loan associations, credit unions and 2 foreign banking corporations to exercise the rights of national banks, 3 federal savings associations, federal credit unions and federal branches 4 and agencies of foreign banks, as amended by chapter 113 of the laws of 5 2014, is amended to read as follows: 6 § 6. This act shall take effect immediately; provided, however that 7 sections one, two, three and four of this act shall take effect Septem- 8 ber 1, 2007; and provided further that sections one, two, three and four 9 of this act shall expire and be deemed repealed September 10, [2019] 10 2024; and provided further that any federally permitted powers approved 11 under section three of this act shall remain in full force and effect on 12 and after such repeal date and shall not be affected by such repeal. 13 § 3. This act shall take effect immediately.
