Senate Bill S1488

2011-2012 Legislative Session

Provides criteria for membership in credit unions and permits the extension of certain services to nonmembers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S1488 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยงยง451, 454 & 461, Bank L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1931
2013-2014: S2912
2015-2016: S3442
2017-2018: S3622
2019-2020: S4532
2021-2022: S4383
2023-2024: S5145

2011-S1488 (ACTIVE) - Summary

Provides criteria for membership in credit unions and permits the extension of certain services to nonmembers.

2011-S1488 (ACTIVE) - Sponsor Memo

2011-S1488 (ACTIVE) - Bill Text download pdf

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

                                  1488

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 7, 2011
                               ___________

Introduced  by  Sens. PARKER, PERALTA, PERKINS -- 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 credit union memberships
  and general powers

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 451 of the banking law, as amended
by chapter 660 of the laws of 2004, is amended to read as follows:
  2. The qualifications for membership.
  [(a) Membership shall be limited to:
  (1) persons having a common employer;
  (2)  persons  and  organizations  who  are  members of the same trade,
industry, profession, club, union, society or other association;
  (3) in the case of a credit union incorporated under this  chapter  as
of  the effective date of this subdivision, and with the approval of the
superintendent, which approval  shall  not  be  given  if  it  would  be
destructive  of  competition within a municipality, more than one common
employer; provided, however, that an employer  group  with  under  three
thousand  employees may be added upon receipt of a notice as provided in
subdivision two of section four hundred seventy-eight of this article;
  (4) with the approval  of  the  superintendent,  and  subject  to  the
provisions  of  paragraph  (b)  of this subdivision, more than one group
each of which has, within  the  group,  a  common  bond  of  occupation,
including  a  common employer, or association; provided, however, that a
group of less than three thousand members, which  is  within  reasonable
proximity to the credit union's service area or areas, may be added upon
receipt  of  a  notice  as  provided  in subdivision two of section four
hundred seventy-eight of this article; or
  (5) persons and organizations within a well-defined  local  community,
neighborhood  or  rural  district  and who in the judgment of the super-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01440-01-1

              

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