Bill Text: NY A00166 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the banking law, in relation to including credit unions and federal credit unions within provisions regarding banking development district program and providing for the repeal of certain provisions upon expiration thereof

Spectrum: Strong Partisan Bill (Democrat 18-1)

Status: (Introduced - Dead) 2010-01-06 - referred to banks [A00166 Detail]

Download: New_York-2009-A00166-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          166
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced by M. of A. DelMONTE -- read once and referred to the Commit-
         tee on Banks
       AN  ACT to amend the banking law, in relation to including credit unions
         and federal credit unions within provisions regarding banking develop-
         ment  district  program  and  providing  for  the  repeal  of  certain
         provisions upon expiration thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 5 of section 96-d of the banking law, as  added
    2  by  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
    3  328 of the laws of 1999, is amended to read as follows:
    4    5. (a) Notwithstanding the provisions of subdivision  two  of  section
    5  two  hundred  thirty-seven  of  this  chapter;  for the purposes of this
    6  section, paragraph c of subdivision two of section ten  of  the  general
    7  municipal  law, subdivision six of section one hundred five of the state
    8  finance law and section four hundred eighty-five-f of the real  property
    9  tax  law,  any reference to a bank, trust company or national bank shall
   10  be deemed to include a  savings  bank,  savings  and  loan  association,
   11  federal  savings and loan association [or], federal savings bank, CREDIT
   12  UNION OR FEDERAL CREDIT UNION; provided, however, that  such  provisions
   13  of law do not grant a savings bank, savings and loan association, feder-
   14  al  savings  and  loan  association [or], federal savings bank, A CREDIT
   15  UNION OR A FEDERAL CREDIT  UNION  eligibility  to  accept  municipal  or
   16  public  funds  or  municipal or public moneys other than for the limited
   17  purposes of the establishment of  a  branch  in  a  banking  development
   18  district pursuant to this section. Any such municipal or public funds or
   19  moneys  shall  be  deposited  only at the branch established pursuant to
   20  this section, and any municipal funds or moneys may be deposited only by
   21  the sponsoring municipality in which the branch and banking  development
   22  district are located; provided further that any such municipal or public
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00311-02-9

       A. 166                              2
    1  funds or moneys shall be subject to the same requirements which apply to
    2  municipal  or  public funds or moneys deposited in a bank, trust company
    3  or national bank and shall also be subject to the provisions of  section
    4  one  hundred five of the state finance law or section ten of the general
    5  municipal law relating to such deposits.
    6    (b) Notwithstanding any other provision  of  law,  the  banking  board
    7  shall promulgate rules and regulations to authorize the participation of
    8  savings  banks,  savings  and  loan  associations, federal savings banks
    9  [and], federal savings and loan associations, CREDIT UNIONS AND  FEDERAL
   10  CREDIT UNIONS in the program established pursuant to this section.
   11    S  2.  Subdivision  2  of section 451 of the banking law is amended by
   12  adding a new paragraph (c-1) to read as follows:
   13    (C-1) FOR THE PURPOSES OF SECTION NINETY-SIX-D OF  THIS  CHAPTER,  THE
   14  CREDIT  UNION  MAY  INCLUDE IN ITS MEMBERSHIP ANY PERSON OR ORGANIZATION
   15  LOCATED WITHIN A LOCAL COMMUNITY, NEIGHBORHOOD, OR RURAL DISTRICT  WHERE
   16  THERE  IS  A DEMONSTRATED NEED FOR BANKING SERVICES AS DETERMINED BY THE
   17  SUPERINTENDENT.
   18    S 3. This act shall take effect January 1, 2010; provided, however, if
   19  this act shall become a law after such date it shall take  effect  imme-
   20  diately and shall be deemed to have been in full force and effect on and
   21  after  January 1, 2010, provided, further, that the amendments to subdi-
   22  vision 2 of section 451 of the banking law made by section two  of  this
   23  act shall expire and be deemed repealed on the same date as section 4 of
   24  chapter  526  of the laws of 1998, as amended and provided, further that
   25  the amendments to subdivision 5 of section 96-d of the banking law  made
   26  by  section one of this act shall not affect the repeal of such subdivi-
   27  sion and shall be deemed to be repealed therewith as provided in section
   28  4 of chapter 526 of the laws of 1998; provided, however, that any branch
   29  established prior to the expiration and repeal of this act by  a  credit
   30  union or federal credit union in a banking development district pursuant
   31  to  this act shall continue to operate in accordance with the provisions
   32  of the banking law as amended by this act and remain  eligible  for  all
   33  the rights and privileges authorized by this act.