Assembly Bill A5516

Signed By Governor
2023-2024 Legislative Session

Relates to criteria for the establishment of banking development districts

download bill text pdf

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Current Bill Status - Signed by Governor

  • 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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2023-A5516 (ACTIVE) - Details

See Senate Version of this Bill:
S6270
Law Section:
Banking Law
Laws Affected:
Amd §96-d, Bank L

2023-A5516 (ACTIVE) - Summary

Provides that a community which is underbanked shall be criteria for the establishment of banking development districts.

2023-A5516 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5516
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 15, 2023
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Banks
 
 AN  ACT to amend the banking law, in relation to criteria for the estab-
   lishment of banking development districts
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. Subdivision 1 of section 96-d of the banking law, as added
 by chapter 204 of the laws of 1997, the opening paragraph as amended  by
 chapter 526 of the laws of 1998 and as further amended by section 104 of
 part A of chapter 62 of the laws of 2011, is amended to read as follows:
   1. There is hereby created a banking development district program, the
 purpose  of  which is to encourage the establishment of bank branches in
 geographic locations where there is  a  demonstrated  need  for  banking
 services.  The  superintendent of financial services shall, in consulta-
 tion with the department of economic development, promulgate  rules  and
 regulations,  after  public  hearing  and  comment,  which set forth the
 criteria for the establishment of banking  development  districts.  Such
 criteria shall include, but not be limited to, the following:
   (a)  the  location,  number,  and  proximity  of  sites  where banking
 services are available within the district;
   (b) the identification of consumer needs for banking  services  within
 the district;
   (c)  the  economic  viability  and local credit needs of the community
 within the district;
   (d) the existing commercial development within the district;
   (e) the impact additional banking services  would  have  on  potential
 economic development in the district; [and]
   (f)  WHETHER  A  COMMUNITY IS IDENTIFIED AS UNBANKED OR UNDERBANKED BY
 THE SUPERINTENDENT; AND
   (G) such other  criteria  which  the  superintendent  in  his  or  her
 discretion shall identify as appropriate.
   § 2. This act shall take effect immediately.

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

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