Assembly Bill A10638

2021-2022 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

Sponsored By

Archive: Last Bill Status - In Assembly 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2021-A10638 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §44, Bank L; amd §109, Ins L
Versions Introduced in 2023-2024 Legislative Session:
A1509

2021-A10638 (ACTIVE) - Summary

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

2021-A10638 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10638
 
                           I N  A S S E M B L Y
 
                               July 6, 2022
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. L. Rosen-
   thal) -- read once and referred to the Committee on Banks
 
 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, 2022.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08155-03-2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.