Assembly Bill A9350

2023-2024 Legislative Session

Establishes requirements for the creation and operation of limited purpose trust companies

download bill text pdf

Sponsored By

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-A9350 (ACTIVE) - Details

See Senate Version of this Bill:
S8364
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add Art 3-C §§156 - 159, amd §§9-c, 606 & 617, Bank L; amd §301, Fin Serv L

2023-A9350 (ACTIVE) - Summary

Establishes requirements for the creation and operation of limited purpose trust companies; establishes how to apply to operate as a limited purpose trust company.

2023-A9350 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9350
 
                           I N  A S S E M B L Y
 
                               March 6, 2024
                                ___________
 
 Introduced  by M. of A. BORES -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law  and  the  financial  services  law,  in
   relation to limited purpose trust companies
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The banking law is amended by adding a new article  3-C  to
 read as follows:
                                 ARTICLE 3-C
                      LIMITED PURPOSE TRUST COMPANIES
 SECTION 156. LIMITED PURPOSE TRUST COMPANY CREATION.
         157. APPLICATION  TO  COMMENCE  OPERATION  AS  A LIMITED PURPOSE
                TRUST COMPANY.
         158. LIMITED PURPOSE TRUST COMPANY OPERATION.
         159. SPECIAL PROVISIONS RELATING TO DIGITAL ASSETS.
   § 156. LIMITED PURPOSE TRUST COMPANY CREATION. 1. IF  THE  SUPERINTEN-
 DENT  SHALL  FIND  THAT  A  TRUST COMPANY HAS MET THE CONDITIONS OF THIS
 ARTICLE, AND HAS IN GOOD FAITH COMPLIED WITH ALL OTHER  REQUIREMENTS  OF
 LAW  AND  FULFILLED ALL CONDITIONS PRECEDENT TO COMMENCING BUSINESS AS A
 LIMITED PURPOSE TRUST COMPANY PURSUANT TO THIS ARTICLE, THE  SUPERINTEN-
 DENT  SHALL  PROMPTLY  ISSUE  AND EXECUTE UNDER THE OFFICIAL SEAL OF THE
 DEPARTMENT, IN TRIPLICATE, AN AUTHORIZATION CERTIFICATE TO THE PERSON OR
 PERSONS NAMED IN SUCH ORGANIZATION CERTIFICATE.
   2. SUCH AUTHORIZATION CERTIFICATE SHALL BE  CONCLUSIVE  EVIDENCE  THAT
 ALL  CONDITIONS PRECEDENT HAVE BEEN FULFILLED AND THAT A LIMITED PURPOSE
 TRUST COMPANY HAS BEEN FORMED UNDER THIS ARTICLE, EXCEPT IN AN ACTION OR
 SPECIAL PROCEEDING BROUGHT BY THE SUPERINTENDENT OR THE ATTORNEY  GENER-
 AL.   THE SUPERINTENDENT SHALL CAUSE ONE OF THE TRIPLICATE AUTHORIZATION
 CERTIFICATES TO BE TRANSMITTED TO SUCH LIMITED  PURPOSE  TRUST  COMPANY,
 ONE  TO BE FILED IN THE OFFICE OF THE DEPARTMENT, AND ONE TO BE FILED IN
 THE COUNTY CLERK'S OFFICE OF  THE  COUNTY  IN  WHICH  SUCH  ORGANIZATION
 CERTIFICATE  HAS BEEN FILED. THE COPIES OF THE AUTHORIZATION CERTIFICATE
 FILED IN THE OFFICES OF THE SUPERINTENDENT AND THE COUNTY CLERK SHALL BE
 ATTACHED TO THE PREVIOUSLY FILED COPIES OF THE ORGANIZATION  CERTIFICATE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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