Assembly Bill A5521

2023-2024 Legislative Session

Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community

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Current 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

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2023-A5521 (ACTIVE) - Details

See Senate Version of this Bill:
S6271
Current Committee:
Assembly Ways And Means
Law Section:
Banking Law
Laws Affected:
Amd §96-d, Bank L

2023-A5521 (ACTIVE) - Summary

Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.

2023-A5521 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5521
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 16, 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 minority depository
   institutions which apply to establish a home or branch  office  in  an
   unbanked or underbanked community
 
   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 is amended
 by adding a new paragraph (c) to read as follows:
   (C) A MINORITY DEPOSITORY INSTITUTION AS DEFINED BY SECTION 308 OF THE
 FEDERAL FINANCIAL INSTITUTION REFORM, RECOVERY, AND ENFORCEMENT  ACT  OF
 1989, WHICH HAS A HOME OR BRANCH OFFICE IN A COMMUNITY DETERMINED BY THE
 SUPERINTENDENT  TO  BE  UNBANKED OR UNDERBANKED, SHALL BE AUTHORIZED AND
 ENTITLED TO RECEIVE DEPOSITS FROM THE STATE COMPTROLLER AND THE  COMMIS-
 SIONER  OF  TAXATION  AND  FINANCE  IN ACCORDANCE WITH THE PROVISIONS OF
 SECTION NINETY-EIGHT-A AND SECTION ONE HUNDRED FIVE OF THE STATE FINANCE
 LAW, IN ADDITION TO THE MUNICIPAL DEPOSITS PROVIDED HEREIN.  THE  AMOUNT
 OF  SUCH  DEPOSITS SHALL BE DETERMINED JOINTLY BY THE SUPERINTENDENT AND
 THE STATE COMPTROLLER.  AUTHORIZATION PURSUANT TO THIS  PARAGRAPH  SHALL
 RUN  CONCURRENTLY WITH THE TERM OF THE DESIGNATION OF A BANKING DEVELOP-
 MENT DISTRICT APPROVED BY THE SUPERINTENDENT PURSUANT TO SUBDIVISION TWO
 OF THIS SECTION AND SHALL BE  EXTENDED  TO  RUN  CONCURRENTLY  WITH  ANY
 EXTENSION OF SUCH DESIGNATION BY THE SUPERINTENDENT PURSUANT TO SUBDIVI-
 SION TWO OF THIS SECTION.
   §  2.  This  act shall take effect immediately, provided, however, 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 subdivision
 and shall be deemed repealed therewith.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10211-03-3

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