Bill Text: NY S08356 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes certain banks, trust companies or national banks which are eligible and seeking to participate in the banking development district program and which have total assets of less than five billion dollars to have an abbreviated application for participation.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-20 - COMMITTED TO RULES [S08356 Detail]

Download: New_York-2017-S08356-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8356
                    IN SENATE
                                       May 3, 2018
                                       ___________
        Introduced  by Sen. PHILLIPS -- 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 the banking  development
          district program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 96-d of the banking law is amended by adding a  new
     2  subdivision 7 to read as follows:
     3    7.  The  superintendent shall establish for all banks, trust companies
     4  or national banks, eligible and seeking to participate  in  the  banking
     5  development district program established by this section, and which have
     6  total  assets of less than five billion dollars, an abbreviated applica-
     7  tion for such participation. Such abbreviated application shall  not  be
     8  more  than  three  pages,  and shall be designed to be completed by such
     9  applicant in less than one hour. The superintendent shall further estab-
    10  lish, within the banking division of the department, a  unit  to  assist
    11  all  banks,  trust  companies or national banks, eligible and seeking to
    12  participate in the banking development district program  established  by
    13  this  section,  with  the  successful completion and submission of their
    14  application, as well as to assist all such  banks,  trust  companies  or
    15  national  banks  operating in a banking development district, with their
    16  successful participation in such program.
    17    § 2. This act shall take effect on the ninetieth day  after  it  shall
    18  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15709-01-8