NY State Senate Bill 2017-S6560

Senate Bill S6560

2017-2018 Legislative Session

Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund

download bill text pdf

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to banks
Jun 02, 2017	referred to rules

2017-S6560 (ACTIVE) - Details

Current Committee:: Senate Banks
Law Section:: Banking Law
Laws Affected:: Amd §44, Bank L; amd §109, Ins L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S3212
2021-2022: S3676
2023-2024: S1492

2017-S6560 (ACTIVE) - Summary

Requires 10% of the penalties imposed by the superintendent of financial services to be deposited in the community development financial institution fund.

2017-S6560 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6560

 TITLE OF BILL :  An act to amend the banking law and the insurance
law, in relation to dedicating ten percent of the fines and penalties
imposed by the superintendent of financial services for deposit into
the community development financial institution fund

 PURPOSE :

To dedicate ten percent of the fines assessed by the New York State
Department of Financial Services to the NYS community development
financial institution fund

 SUMMARY OF PROVISIONS :

Section 1 adds a new Subdivision (10)to Section 44 of the banking law,
which provides for ten percent of all penalties imposed and collected
pursuant to this section be deposited into the community development
financial institution fund that was established pursuant to
subdivision three of section 16-0 of the New York state urban
development act.

Section 2 amends Section 109 of the Insurance law to provide that ten
percent of all penalties imposed and collected pursuant to this
section be deposited into the community development financial
institution fund that was established pursuant to subdivision three of

section 16-0 of the New York state urban development act.

 JUSTIFICATION :

Penalties imposed by the New York State Department of Financial
Services should be returned used to benefit new Yorkers who have been
victimized either by illegal practices or to those who do not have
adequate access to financial services or capital. We would like ten
percent of the monies recovered dedicated to the community development
financial institution fund. Monies generated because of fines and
penalties should go benefit those you New Yorkers who lack access to
financial capital & services. The Community Development Financial
Institution Assistance Program bolsters institutions providing
microloans to small businesses that often do not qualify for bank
loans, as well as provide one-on-one counseling and business
development assistance to facilitate credit readiness. Consumers are
forced to pay higher rates because of access to credit is limited, by
funding this groups we attempt to make it easier for small business to
access capital.

 LEGISLATIVE HISTORY :

This is a new bill.

 FISCAL IMPLICATIONS :

No Cost to the State

 EFFECTIVE DATE :
This act shall take effect September 1, 2016

2017-S6560 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6560
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 2, 2017
                                ___________
 
 Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the banking law and the insurance law,  in  relation  to
   dedicating  ten  percent  of  the  fines  and penalties imposed by the
   superintendent of financial services for deposit  into  the  community
   development financial institution fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 44 of the banking law is amended by  adding  a  new
 subdivision 10 to read as follows:
   10.  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, TEN PERCENT
 OF ALL PENALTIES IMPOSED AND COLLECTED PURSUANT TO THIS SECTION SHALL BE
 DEDICATED TO AND DEPOSITED  INTO  THE  COMMUNITY  DEVELOPMENT  FINANCIAL
 INSTITUTION  FUND  ESTABLISHED  PURSUANT TO SUBDIVISION THREE OF SECTION
 SIXTEEN-O OF THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION ACT.
   § 2. Section 109 of the insurance law  is  amended  by  adding  a  new
 subsection (e) to read as follows:
   (E)  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, TEN PERCENT
 OF ALL PENALTIES IMPOSED AND COLLECTED PURSUANT TO THIS SECTION SHALL BE
 DEDICATED TO AND DEPOSITED  INTO  THE  COMMUNITY  DEVELOPMENT  FINANCIAL
 INSTITUTION  FUND  ESTABLISHED  PURSUANT TO SUBDIVISION THREE OF SECTION
 SIXTEEN-O OF THE NEW YORK STATE URBAN DEVELOPMENT CORPORATION ACT.
   § 3. This act shall take effect September 1, 2017.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11997-01-7

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