Senate Bill S50037

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   37

                          Extraordinary Session

                            I N  S E N A T E

                              June 23, 2009
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Rules

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  extending  the
  effectiveness  of  certain  provisions  of  such chapter; and to amend
  chapter 3 of the laws of 1997, amending the banking law and the insur-
  ance law relating to authorizing the banking board to permit banks and
  trust companies to exercise the rights of national banks, in  relation
  to extending 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:

  Section 1. Section 6 of 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, is amended to read as follows:
  S  6.  This  act shall take effect immediately; provided, however that
sections one, two, three and four of this act shall take effect  Septem-
ber 1, 2007; and provided further that sections one, two, three and four
of  this  act  shall  expire and be deemed repealed September 10, [2009]
2011; and provided further that any federally permitted powers  approved
under section three of this act shall remain in full force and effect on
and after such repeal date and shall not be affected by such repeal.
  S  2. Section 7 of chapter 3 of the laws of 1997, amending the banking
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.
                                                           LBD09492-07-9
              

S. 37                               2

permit  banks  and  trust  companies  to exercise the rights of national
banks, as amended by chapter 322 of the laws of 2007, is amended to read
as follows:
  S  7. This act shall take effect immediately provided that section two
of this act shall take effect on the thirtieth day after it  shall  have
become  a  law and shall apply to violations prescribed in section 44 of
the banking law that occur on or after such date; and  provided  further
that  sections  one,  three,  four  and  five shall expire and be deemed
repealed September 10, [2009] 2011; and provided further that any  rules
and  regulations  promulgated  pursuant to sections one, three, four and
five shall remain in full force and effect on and after such  expiration
date and shall not be affected by such expiration date.
  S 3. This act shall take effect immediately.