S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3942
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2017
                                ___________
 
 Introduced  by  M.  of  A. KAVANAGH, JAFFEE, WRIGHT, M. G. MILLER, COOK,
   WEPRIN, HOOPER, COLTON, WOERNER, STECK, MOSLEY --  Multi-Sponsored  by
   --  M.  of A.  McLAUGHLIN, SIMANOWITZ -- read once and referred to the
   Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  including  low  income
   credit unions in the banking development district program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 5 of section 96-d of the banking law, as  added
 by  chapter 526 of the laws of 1998, paragraph (a) as amended by chapter
 328 of the laws of 1999, and paragraph (b) as further amended by section
 104 of part A of chapter 62 of the laws of 2011, is amended to  read  as
 follows:
   5.  (a)  Notwithstanding  the provisions of subdivision two of section
 two hundred thirty-seven of this  chapter;  for  the  purposes  of  this
 section,  paragraph  c  of subdivision two of section ten of the general
 municipal law, subdivision six of section one hundred five of the  state
 finance  law and section four hundred eighty-five-f of the real property
 tax law, any reference to a bank, trust company or national  bank  shall
 be  deemed  to  include  a  savings  bank, savings and loan association,
 federal savings and loan association or  federal  savings  bank  OR,  IN
 CITIES  HAVING  A  POPULATION  OF  ONE  MILLION OR MORE PERSONS, ANY LOW
 INCOME CREDIT UNION AS DESIGNATED BY SECTION  FOUR  HUNDRED  FIFTY-A  OF
 THIS  CHAPTER OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A LOW
 INCOME  CREDIT  UNION  BY  THE  NATIONAL  CREDIT  UNION  ADMINISTRATION;
 provided,  however,  that  such provisions of law do not grant a savings
 bank, savings and loan association, federal savings and loan association
 or federal savings bank OR, IN CITIES HAVING A POPULATION OF ONE MILLION
 OR MORE PERSONS, ANY LOW INCOME CREDIT UNION AS  DESIGNATED  BY  SECTION
 FOUR  HUNDRED  FIFTY-A  OF THIS CHAPTER OR ANY FEDERAL CREDIT UNION THAT
 HAS BEEN DESIGNATED A LOW INCOME CREDIT UNION  BY  THE  NATIONAL  CREDIT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD00850-01-7

 A. 3942                             2
 
 UNION  ADMINISTRATION eligibility to accept municipal or public funds or
 municipal or public moneys other than for the limited  purposes  of  the
 establishment  of a branch in a banking development district pursuant to
 this  section.  Any  such  municipal  or public funds or moneys shall be
 deposited only at the branch established pursuant to this  section,  and
 any  municipal  funds  or moneys may be deposited only by the sponsoring
 municipality in which the branch and banking  development  district  are
 located;  provided  further  that  any such municipal or public funds or
 moneys shall be subject to the same requirements which apply to  munici-
 pal  or  public  funds  or  moneys deposited in a bank, trust company or
 national bank and shall also be subject to the provisions of section one
 hundred five of the state finance law or  section  ten  of  the  general
 municipal law relating to such deposits.
   (b)  Notwithstanding any other provision of law, the superintendent of
 financial services shall promulgate rules and regulations  to  authorize
 the  participation  of  savings  banks,  savings  and loan associations,
 federal savings banks and federal savings and loan associations  OR,  IN
 CITIES  HAVING  A  POPULATION  OF  ONE  MILLION OR MORE PERSONS, ANY LOW
 INCOME CREDIT UNION AS DESIGNATED BY SECTION  FOUR  HUNDRED  FIFTY-A  OF
 THIS  CHAPTER OR ANY FEDERAL CREDIT UNION THAT HAS BEEN DESIGNATED A LOW
 INCOME CREDIT UNION BY THE NATIONAL CREDIT UNION ADMINISTRATION  in  the
 program established pursuant to this section.
   §  2.  This act shall take effect immediately, provided, however, that
 the amendments to subdivision 5 of section 96-d of the banking law  made
 by  section one of this act shall not affect the repeal of such subdivi-
 sion and shall be deemed repealed therewith.